Lesson 7

Course Project – Phase 2

This week you will begin working on Phase 2 of your course project. Using the same data set and variables for your selected topic from Phase 1. Create a new submission for this assignment (do not include the work you did for Phase 1 in your assignment submission)

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 for your data set.

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.

4. 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.

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

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