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Generate n sample with a certain level of confidence

  1. #1
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    Generate n sample with a certain level of confidence

    Hi,

    I was wondering if it's possible to generate n samples that will show the right average/number (or above) with a certain level of confidence.
    Excel - Generate n sample with a certain level of confidence

    Let's imagine I have an average of 100 and I want to generate 30 samples with an 80% of certainty. In my case, I should get 24 random samples equal or more than 100 and 6 samples under 100. See example below:

    139
    128
    0
    140
    103
    152
    185
    115
    45
    68
    184
    149
    425
    167
    145
    172
    85
    172
    133
    162
    160
    0
    146
    160
    171
    76
    167
    137
    155
    142

    I've attached two examples.

    test sample generation.xlsx

    Any help will be much appreciate it.

    Mils
    Last edited by mils; 07-30-2015 at 12:25 PM. Reason: forgot to attache document

  2. #2
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    Re: Generate n sample with a certain level of confidence

    Here's one way, attached.

    Random values.xlsx
    Last edited by Bernie Deitrick; 07-30-2015 at 02:14 PM.
    Bernie Deitrick
    Excel MVP 2000-2010

  3. #3
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    Re: Generate n sample with a certain level of confidence

    Wow, that's great. Thanks Bernie.

    I've used your function in my example and looks great. It is exactly what I wanted.

    I was wondering also, if it's possible to create seasonal samples.

    For example if Sample (n) is equal 20 then we have 18 "seasons" in a year (so we will generate 18 times samples of 20). If Sample (n) is equal 30 then we have 12 "seasons" in a year (so we will generate 12 times samples of 30).

    As and example, if we have a Sample (n) of 7 we will have 52 "seasons". 1 to 7, 8 to 14, 15 to 21, etc... until 359 to 365

    Day Value
    1 129
    2 109
    3 121
    4 138
    5 130
    6 140
    7 137
    8 102
    9 103
    10 109
    11 105
    12 100
    13 101
    14 111
    ....
    365

    I've attached the document

    Random values.xlsx

    Thanks in advance!

  4. #4
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    Re: Generate n sample with a certain level of confidence

    This one has a sheet named "seasons" - give it a try.

    Random values (2).xlsx

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