Dante Development Corporation is considering bidding on a contract for a new office building complex. Figure 4.17 shows the decision tree prepared by one of Dante’s analysts. At node 1,….
Describe the shape of each distribution. Specifically, what happens to the shape of the distributions as the sample size increases
Use the Central Limit Theorem simulation to explore the distribution of sample means for highly skewed data.
(a) Add 100 rows to the data table. Each row contains the mean for the sample size specified in the column name. So, column N=1 contains individual values, and column N=100 has means for samples of size 100.
(b) Use the Distribution platform to plot the distributions of the five columns.
(c) Describe the shape of each distribution. Specifically, what happens to the shape of the distributions as the sample size increases?
(d) Describe the variability, or spread, of each distribution. What happens to the spread of the distribution as the sample size increases?