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Find the best point estimate of the population mean

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Assignment

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.

o What are confidence intervals?
o What is a point estimate?
o What is the best point estimate for the population mean? Explain.
o Why do we need confidence intervals?

2. Find the best point estimate of the population mean.

3. 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.

o 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).

4. Write a paragraph that correctly interprets the confidence intervals in context of your selected topic.

5. Compare and contrast your findings for the 95% and 99% confidence intervals.

o Did you notice any changes in your interval estimate? Explain.
o What conclusion(s) can be drawn about your interval estimates when the confidence level is increased? Explain.

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Reference no: EM131406477

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