Another type of random sample is called a bootstrap sample. (It comes from the expression “pulling yourself up by your own bootstraps.”) Given a data set with n observations, a bootstrap sample, also...

Another type of random sample is called a bootstrap sample. (It comes from the expression “pulling yourself up by your own bootstraps.”) Given a data set with n observations, a bootstrap sample, also of size n, is when you randomly sample from the data set with replacement. To do so, you keep choosing a random integer from 1 to n and include that item in the sample. The “with replacement” part means that you can sample the same item more than once. For example, if n  4, the sampled items might be 1, 2, 2, and 4. Using the data in the file Accounts Receivable.xlsx, illustrate a simple method for choosing bootstrap samples with the RANDBETWEEN and VLOOKUP functions. For each bootstrap sample, find the mean and standard deviation of Days and Amount, and find the counts in the different size categories. How do these compare to the similar measures for the original data set? (For more on bootstrap sampling, do a Web search. Wikipedia has a nice overview.)