module 02 course project phase 2

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In this module 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:

  1. 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?
  2. 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 σ 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.
  3. 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 σ 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.
  4. 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.

**** Be sure to show all of your work in Excel and use the Equation Editor to format your equations in Word. ****

 
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