1. Guide to Using Excel 2007 or 2010 For Basic Statistical Applications
To Accompany
Business Statistics: A Decision Making Approach, 7th Ed.
Chapter 7:
Introduction to Sampling Distributions By
Groebner, Shannon, Fry, & Smith
Prentice-Hall Publishing Company
Copyright, 2008

2. Chapter 6 Excel Examples
Sampling Distributions -
Aims Investment Company

3. Sampling Distributions Aims Investment Company
Issue: We wish to develop a sampling distribution for the sample mean for the number of mutual fund accounts owned by each customer.
Objective: Use Excel 2007 or 2010 to select a random sample of size 10 from the data and develop a sampling distribution. The data file is Aims.xls

4. Sampling Distributions – Aims Investment Company
Open file Aims.xls
File contains data for 200 customers last row is 201

5. Sampling Distributions – Aims Investment Company
Select the Data Tab
Select Data Analysis
Select Sampling

6. Sampling Distributions – Aims Investment Company
Set input range to the data to be sampled
Select Random – 10 samples
Place the output at Cell D2

7. Sampling Distributions – Aims Investment Company
Sample of n=10 values number of mutual fund accounts owned by each customer

8. Sampling Distributions – Aims Investment Company
Sample mean = 2.9
Repeat this process 100 times storing the results in a column

9. Sampling Distributions – Aims Investment Company
Now, develop a histogram for the sample means using Excel default group widths

10. Sampling Distributions – Aims Investment Company
Select the Input Range
Leaving Bin Range blank forces default values

11. Sampling Distributions – Aims Investment Company
Producing –
Now format the Histogram

12. Sampling Distributions – Aims Investment Company
Somewhat normally distributed?