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?
Based on your selected topic, evaluate the following:
Find the best point estimate of the population mean.
Construct a 95% confidence interval for the population mean. Assume that your data is normally distributed and , the population standard deviation, is unknown.
Please show your work for the construction of this confidence interval and be sure to use the Equation Editor to format your equations.
Write a statement that correctly interprets the confidence interval in context of your selected topic.
Based on your selected topic, evaluate the following:
Find the best point estimate of the population mean.
Construct a 99% confidence interval for the population mean. Assume that your data is normally distributed and , the population standard deviation, is unknown.
Please show your work for the construction of this confidence interval and be sure to use the Equation Editor to format your equations.
Write a statement that correctly interprets the confidence interval in context of your selected topic.
Compare and contrast your findings for the 95% and 99% confidence interval.
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.
