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Using the 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. 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 ÃÆ' 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.
3. 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 ÃÆ' 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.
4. 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.
Attachment:- Project Data Set.rar
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