Statistics for Business

Data Sheet “New Account Processing” – you can find this Excel file in Week 2.

Based on what you’ve learned in Chapter 3 and 4, calculate the following:

Total # of people: 125 (use this number)

Sample size: conduct a count via formula of the data in your spreadsheet

% of population: calculate the percentage of sample size from total number. Please note, if it is higher than 5%, you will need to calculate the correction factor.

Sample Mean of Sales: use formula

Sample Standard Deviation of Sales: use formula

Confidence Level: 95% (use this number)

Correction Factor: use the SQRT formula to calculate the correction factor

Standard Error: Sample StdDev divided by SQRT of sample size

Alpha: 5% (1 minus the confidence level)

Degrees of Freedom: Sample size minus 1

t-Value: TINV(Alpha, Degrees of Freedom)

Half-Width: T-value * Total # of people * Standard Error * Correction Factor

Lower Limit Total Sales: Total # of people * Sample Mean of sales minus Half-With

Upper Limit Total Sales: Same as above, except you add the Half-With

Please complete all calculations in the Excel file provided to you. I have provided hints and numbers to help you complete this assignment. Please do not change the values I provided in the instructions. 

Save your file with your Firstname_lastname and submit in the designated area. I will need to see the formulas, so make sure you use them! In a short paragraph, within the spreadsheet, explain why this analysis might be important to a business owner. What does the data tell you? Please be mindful of the submission deadline as there is no allowance for late submissions.

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