Why should you be hesitant to trust confidence interval

Assignment Help Basic Statistics

Reference no: EM131422159

A sample of 20 CEOs from the Forbes 500 shows total annual compensations ranging from a minimum of $0.1 to $62.24 million. The average for these 20 CEOs is $7.946 million. The histogram and boxplot are as follows:

1127_Fig 8.jpg

Based on these data, a computer program found that a 95% confidence interval for the mean annual compensation of all Forbes 500 CEOs is (1.69, 14.20) $ million. Why should you be hesitant to trust this confidence interval?

Reference no: EM131422159

Questions Cloud

Identify the specialized functions : Was it ethical to do this study? Was it right to trade the suffering experienced by participants for the knowledge gained by the research?

Why the analysts didnt find the confidence interval useful : A computer program found that the resulting 95% confidence interval for the mean amount spent in March 2005 is. Explain why the analysts didn't find the confidence interval useful, and explain what went wrong.

Pros and cons of the nursing theory : The paper includes the students personal nursing philosophy that correlates with a professional nursing theory. It should Include (2) Pros and (2) Cons of the nursing theory you choose.

Project manager is a symptom of poorly functioning team : On projects, a high dependency on the project manager is a symptom of a poorly functioning team. Learning how the system works so that you can work the system is an example of which typ eof authority?

Why should you be hesitant to trust confidence interval : Based on these data, a computer program found that a 95% confidence interval for the mean annual compensation of all Forbes 500 CEOs is (1.69, 14.20) $ million. Why should you be hesitant to trust this confidence interval?

Example of relational business communication : The conflict resolution method that imposes a solution on conflicting parties is called: Which of the following is an example of relational business communication?

Outline a risk mitigation strategy for the each of the risks : Each member selects one of the highest risks. Explain why these are considered high risk, and explain their potential effect on the project. Outline a risk mitigation strategy for the each of the selected high risks.

Interpret given interval for a traveler planning to fly : Check the assumptions and conditions for inference about the mean.- Find a 99% confidence interval for the true percentage of flights that arrive late.

Estimates of the price elasticity of demand : Using the economics or other literature (but not the textbook) to identify estimates of the price elasticity of demand for at least three different products

User Account

All Pages