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Distribution of Sample Mean - Excel definitions

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  • Sampling Distribution
    A probability distribution showing all possible values of sample means from repeated samples of the same size.
  • Sample Mean
    The arithmetic average of values in a sample, used as a point estimate for the population mean.
  • Population Mean
    The average value of a variable for the entire population, often denoted by the Greek letter μ.
  • Standard Deviation
    A measure of variability indicating how much individual values differ from the mean in a data set.
  • Central Limit Theorem
    A statistical principle stating that the sampling distribution of the mean approaches normality as sample size increases.
  • Normal Distribution
    A symmetric, bell-shaped probability distribution characterized by its mean and standard deviation.
  • Left Tail Probability
    The probability that a sample mean falls below a specified value in a distribution.
  • Right Tail Probability
    The probability that a sample mean exceeds a specified value in a distribution.
  • Sample Size
    The number of observations or data points included in a sample, often represented by n.
  • Sigma
    The symbol representing the standard deviation of a population.
  • Cumulative Probability
    The probability that a random variable is less than or equal to a specific value.
  • NORM.DIST Function
    An Excel function used to calculate cumulative probabilities for normal distributions.
  • Quality Control
    A process in manufacturing or business that uses statistical methods to monitor and maintain product standards.
  • Inferential Statistics
    A branch of statistics focused on drawing conclusions about populations based on sample data.
  • Standard Error
    The standard deviation of the sampling distribution, calculated as population standard deviation divided by the square root of sample size.