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    Calculations of Populations using Random-number generations

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    populations using Random-number generations:
    Population Size = 1000
    - Determine the descriptive statistics of the population
    - Construct a histogram of the population
    - Take 20 random samples from the population, each of size 40
    - Calculate the mean and standard deviation of each sample
    - Form a Table of Sample Means and Standard Deviations
    - Construct a histogram of sample means
    - Verify the Central Limit Theorem
    a. GMAT: Graduate Management Admission Test scores:
    Mean = m = 520
    Std. Deviation = s = 80
    b. The amount of fill in a half-liter bottle of Coke
    Mean = m = 500 ml
    Std. Deviation = s = 1.20 ml

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    Solution Preview

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    Steps for Randomization Process.
    Step 1:: First generate 1000 random numbers using RAND function in Excel.
    Step 2: ...

    Solution Summary

    This post explains steps involved in estimating a population parameter by drawing samples using random number generation.