Module 2 Stastics

This week you will begin working on Phase 2 of your course project. Using the same data set (attached) and variables for your selected topic, add the following information to your analysis:

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

1. 1. 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 and be sure to format your equations to fit the appropriate form (may need editing here).

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

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