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?
- Find the best point estimate of the population mean.
- Construct two confidence intervals for the population mean: a 95% confidence interval and a 99% confidence interval. Assume that your data is normally distributed and the population standard deviation is unknown.
- Please show your work for the construction of these confidence intervals and be sure to format your equations to fit the appropriate form (may need editing here).
- Write a paragraph that correctly interprets the confidence intervals in context of your selected topic.
- Compare and contrast your findings for the 95% and 99% confidence intervals.
- 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 number your responses to these questions using the same numbers as above for your sections.