Assignment Instructions/ Description
Discuss the importance of constructing confidence intervals for the population mean.
This week you will begin working on Phase 2 of your course project which is due in Module 06. Using the same data set and variables for your selected topic, add the following information to your analysis:
- 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?
- 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).
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.
Be sure to number your responses to these questions using the same numbers as above for your sections.
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