What is the best point estimate for the population mean?
This week you will begin working on Phase 2. Using the same data set and variables ( see attached) 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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