inferential statistics and analytics 2

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his week 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.
    • 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.
  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 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.
    • 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.
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