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Why do we need confidence intervals

Assignment Help Applied Statistics
Reference no: EM131550843

Advanced Analytics and Statistics -

Introduction:

As a professional in the real world, you will need to research and understand various aspects of Business applications. Basic statistical analysis can be used to gain an understanding of current problems. This course project will assist you in applying basic statistical principles to a fictional scenario in order to impact the clients being served.

This assignment will be completed in phases throughout the quarter. As you gain additional knowledge through the didactic portion of this course, you will be able to apply your new knowledge to this project. You will receive formative feedback from your instructor on each submission. The final project will be due on week 10 and the assignment requirements are listed below.

Scenario:

A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $40,000 to $120,000 per year. As a Business Analyst your boss asks you to research and analyze the salary distributions. You are given a spreadsheet that contains the following information:

• A listing of the jobs by title

• The salary (in dollars) for each job

The client needs the preliminary findings by the end of the day. So let's get to work!!!!

Background information on the Data:

The data set consists of 364 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $40,000 to $120,000 for the state of Minnesota.


This 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:

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?

Find the best point estimate of the population mean.

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).

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.

What conclusion(s) can be drawn about your interval estimates when the confidence level is increased? Explain.

Attachment:- statistics.project.rar

Reference no: EM131550843

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