excel 2010 for business statistics a guide to solving practical business problems

[...]... Problem #2 (a) Use Excel to create a table of these ratings, and at the right of the table use Excel to find the sample size, mean, standard deviation, and standard error of the mean for these data Label your answers, and round off the mean, standard deviation, and standard error of the mean to two decimal places using number format (b) Print the result on a separate page (c) Save the file as: MORALE4 ... First-year sales (practical example) Now, let’s learn how to use Excel to find the sample size, the mean, the standard deviation, and the standard error or the mean using a problem from sales: Suppose that you wanted to estimate the first-year sales of a new product that your company was about to launch into the marketplace You have decided to look at the first-year sales of similar products that your company... the table to find the sample size, mean, standard deviation, and standard error of the mean for these data Label your answers, and round off the mean, standard deviation, and standard error of the mean to two decimal places; use currency format for these three figures (b) Print the result on a separate page (c) Save the file as: WAL6 2 Suppose that the Human Resources department of your company has administered... percentage format (and many other formats) to whatever number of decimal places you want to specify 1.9 End-of-Chapter Practice Problems 1 Suppose that you have selected a random sample from last week’s customers at Wal-Mart You then created Fig 1.17: 18 1 Sample Size, Mean, Standard Deviation, and Standard Error of the Mean Fig 1.17 Worksheet data for Chap 1: Practice Problem #1 (a) Use Excel to the... has launched to get an idea of what sales are typical for your new product launches You decide to use the first-year sales of a similar product over the past 8 years, and you have created the table in Fig 1.1: Note that the first-year sales are in thousands of dollars ($000), so 10 means that the first-year sales of that product were really $10,000 4 1 Sample Size, Mean, Standard Deviation, and Standard... Standard Error of the Mean 1.4 Sample Size, Mean, Standard Deviation, and Standard Error of the Mean Objective: To find the sample size (n), mean, standard deviation (STDEV), and standard error of the mean (s.e.) for these data Start your computer, and click on the Excel 2010 icon to open a blank Excel spreadsheet Enter the data in this way: A3 : Year B3: First-year sales ($000) A4 : 1 1.4.1 Using the Fill/Series/Columns... Chapter 1 Sample Size, Mean, Standard Deviation, and Standard Error of the Mean This chapter deals with how you can use Excel to find the average (i.e., “mean”) of a set of scores, the standard deviation of these scores (STDEV), and the standard error of the mean (s.e.) of these scores All three of these statistics are used frequently and form the basis for additional statistical tests 1.1 Mean The mean is... much easier for you because Excel will do all of the steps for you We call this average of the scores the “mean,” which we symbolize as: X, and we pronounce it as: “Xbar.” T Quirk, Excel 2010 for Business Statistics: A Guide to Solving Practical Business Problems, DOI 10.1007/978-1-4419-9934-4_1, # Springer Science +Business Media, LLC 2011 1 2 1 Sample Size, Mean, Standard Deviation, and Standard Error... to refer to the first-year sales figures in your formulas, it will be much easier to do this if you “name the range of data” with a name instead of having to remember the exact cells (B4: B11) in which these figures are located Let’s call that group of cells Product, but we could give them any name that you want to use 1.4.4 Naming a Range of Cells Objective: To name the range of data for the first-year... decimal places for figures Close your spreadsheet by: File/Close, and open a blank Excel spreadsheet by using File/New/Create (on the far right of your screen) 1.7 Formatting Numbers in Currency Format (2 Decimal Places) Objective: To change the format of figures to dollar format with two decimal places A3 : A4 : A5 : A6 : Price 1.25 3.45 12.95 Home Highlight cells A4 :A6 by left-clicking your mouse on A4 and . class="bi x0 y0 w0 h0" alt="" Excel 2010 for Business Statistics