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) Central Limit Theorem and its use to make decisions
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Classroom Contents
Excel Statistical Analysis - Learn Central Limit Theorem by Building Sampling Distribution of Xbar
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- 1 ) Introduction
- 2 ) Building a Sampling Distribution of Sample Means (Xbar)
- 3 ) XLOOKUP to lookup all values for all possible samples.
- 4 ) Proving that Mean of Sampling Distribution of Sample Means (Xbar) is equal to Population Mean
- 5 ) Build Frequency Distribution & Histograms using worksheet formulas. See SEQUENCE and COUNTIFS functions to discover that the pattern for the Sampling Distribution of Sample Means (Xbar) is Normal, …
- 6 ) Sampling Distribution of Sample Means (Xbar) has less spread than Population Data
- 7 ) Central Limit Theorem and its use to make decisions
- 8 ) Learning how the Standard Deviation (Standard Error) Formula is created from Sampling Distribution of Sample Means (Xbar)
- 9 ) Standard Error Formula
- 10 ) Correction Factor for Standard Error
- 11 ) Relationship between Sample Size, Standard Error and the probability associated with a given interval with a lower and upper value
- 12 ) Sampling Distribution, Normal Bell Distribution Model and the Central Limit Theorem to make business decisions
- 13 ) First mention of t distribution
- 14 ) Check reasonableness of a claim with two statistical methods: Hypothesis Testing and Confidence Intervals
- 15 ) Hypothesis Testing to assess whether a claim is reasonable: Insurance Policy Price example. See Excel functions: NORM.S.DIST, NORM.S.INV
- 16 ) Confidence Intervals to assess whether a claim is reasonable: Insurance Policy Price example
- 17 ) Confidence Intervals to estimate a range of values for a population mean: Computer Printer Cartridge example
- 18 ) t Distribution example. See the Excel function: T.INV
- 19 ) Assessing reasonableness of Manufacture sample. See Excel functions: NORM.DIST and NORM.S.DIST to calculate p-value
- 20 ) Summary of video
- 21 ) Closing, Next Video and Video Links
