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.