Lesson 7, Course Project phase 2
Lesson 7
Course Project – Phase 2
This week you will begin working on Phase 2 of your course project. Using the same data set and variables for your selected topic from Phase 1. Create a new submission for this assignment (do not include the work you did for Phase 1 in your assignment submission)
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?
2. Find the best point estimate of the population mean for your data set.
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.
- Please show your work for the construction of these confidence intervals.
4. 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.
5. What conclusion(s) can be drawn about your interval estimates when the confidence level is increased? Explain.
