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Distribution of Sample Mean - Excel definitions

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  • Sampling Distribution
    A collection of sample means from repeated samples, used to analyze variability and probability in statistical inference.
  • Sample Mean
    An average calculated from a sample, serving as a point estimate for the population mean in probability calculations.
  • Population Mean
    A central value representing the average of all items in a population, used as a reference in sampling distributions.
  • Standard Deviation
    A measure of spread indicating how much values in a dataset differ from the mean, crucial for probability calculations.
  • Central Limit Theorem
    A principle stating that the distribution of sample means approaches normality as sample size increases, enabling inference.
  • Normal Distribution
    A symmetric, bell-shaped curve describing data spread, foundational for calculating probabilities in sampling.
  • Left Tail Probability
    A likelihood that a sample mean falls below a specified value, often calculated using cumulative functions.
  • Right Tail Probability
    A likelihood that a sample mean exceeds a specified value, found by subtracting left tail probability from one.
  • Cumulative Probability
    A total likelihood up to a certain value, used to determine the chance of observing values below a threshold.
  • Sample Size
    A count of observations in a sample, affecting the precision and variability of the sampling distribution.
  • Population Standard Deviation
    A measure of variability for an entire population, used to compute the standard deviation of the sampling distribution.
  • Standard Deviation of Sampling Distribution
    A value calculated by dividing population standard deviation by the square root of sample size, indicating spread of sample means.
  • Quality Control
    A process in manufacturing or service industries where sample means are used to monitor and maintain product standards.
  • NORM.DIST Function
    An Excel tool for finding probabilities in normal distributions, adapted for sampling distributions by adjusting inputs.
  • Equals Average Function
    An Excel command used to compute the mean of a dataset, essential for determining sample mean in probability calculations.