statistics phase2

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:

  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?
  1. 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.
  1. 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.
  1. 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.