If the city spends $145,000 on promotional expenditures, what will be the projected attendance at 95% confidence level?
how to calculate this using excel?
More data needed to calculate by any method.
„« If the city spends $145,000 on promotional expenditures. What will be the projected attendance at 95% confidence level?
To calculate the projected attendance at a 95% confidence level using Excel, you will need additional information, such as the average attendance for past events or a population mean and standard deviation.
If you have the sample mean and standard deviation, you can use the T.INV function in Excel. Here's how:
1. Enter your data into a column in Excel. Let's assume you have the sample mean in cell A1 and the sample standard deviation in cell B1.
2. In an empty cell, enter the following formula to calculate the margin of error: =T.INV(0.05, (n-1)) * (B1/SQRT(n))
- The T.INV function calculates the t-value for a given significance level (0.05 for a 95% confidence level) and degrees of freedom (n-1, where n is the sample size).
- The margin of error is calculated by multiplying the t-value by the standard deviation divided by the square root of the sample size.
3. In another cell, enter the formula to calculate the lower bound of the confidence interval: =A1 - previous cell (margin of error).
4. In another cell, enter the formula to calculate the upper bound of the confidence interval: =A1 + previous cell (margin of error).
5. The projected attendance at the 95% confidence level is the average attendance (sample mean) plus the margin of error.
Keep in mind that these calculations assume certain conditions, such as a normal distribution and random sampling.
If you don't have the necessary data to perform this calculation, such as the sample mean and standard deviation, you may need to take a different approach, such as using data from similar events or consulting with a statistician.