This week you will begin working on Phase 2 of your course project. Using the same data set and variables for your selected topic, add the following information to your analysis:
- Discuss the importance of constructing confidence intervals for the population mean.
- What are confidence intervals?
- What is a point estimate?
- What is the best point estimate for the population mean? Explain.
- Why do we need confidence intervals?
- Based on your selected topic, evaluate the following:
- Find the best point estimate of the population mean.
- Construct a 95% confidence interval for the population mean. Assume that your data is normally distributed and ÃÆ’ is unknown.
- Please show your work for the construction of this confidence interval and be sure to use the Equation Editor to format your equations.
- Write a statement that correctly interprets the confidence interval in context of your selected topic.
- Based on your selected topic, evaluate the following:
- Find the best point estimate of the population mean.
- Construct a 99% confidence interval for the population mean. Assume that your data is normally distributed and ÃÆ’ is unknown.
- Please show your work for the construction of this confidence interval and be sure to use the Equation Editor to format your equations.
- Write a statement that correctly interprets the confidence interval in context of your selected topic.
- Compare and contrast your findings for the 95% and 99% confidence interval.
- Did you notice any changes in your interval estimate? Explain.
- What conclusion(s) can be drawn about your interval estimates when the confidence level is increased? Explain.
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