Phase 2 Statistics

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:

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.

   Grading Rubric

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   Insuffcient	Emerging	Competency	Proficiency	Mastery
   Correctness	Points: 0 (0.00%) Less than half of parts of all problems are solved correctly.	Points: 18.125 (12.50%) At least half of the parts of all problems are solved correctly.	Points: 27.1875 (18.75%) The majority of parts of all problems are solved correctly.	Points: 30.8125 (21.25%) Almost all parts of all problems are solved correctly.	Points: 36.25 (25.00%) All parts of all problems are solved correctly.
   Work Shown	Points: 0 (0.00%) Less than half all work is shown.	Points: 18.125 (12.50%) At least half of all work is clearly shown.	Points: 27.1875 (18.75%) The majority work is clearly shown.	Points: 30.8125 (21.25%) Almost all work is clearly shown.	Points: 36.25 (25.00%) All work is clearly shown.
   Explanations	Points: 0 (0.00%) Less than half of the explanations are complete and correct.	Points: 18.125 (12.50%) At least half of the explanations are complete and correct.	Points: 27.1875 (18.75%) The majority of the explanations are complete and correct.	Points: 30.8125 (21.25%) Almost all explanations complete and correct.	Points: 36.25 (25.00%) All explanations are complete and correct.
   Formatting	Points: 0 (0.00%) Less than half of the equations, expressions, and variables are properly formatted using the equation editor tool in Microsoft Word.	Points: 18.125 (12.50%) At least half of the equations, expressions, and variables are properly formatted using the equation editor tool in Microsoft Word.	Points: 27.1875 (18.75%) The majority of equations, expressions, and variables are properly formatted using the equation editor tool in Microsoft Word.	Points: 30.8125 (21.25%) Almost all equations, expressions, and variables are properly formatted using the equation editor tool in Microsoft Word.	Points: 36.25 (25.00%) All equations, expressions, and variables are properly formatted using the equation editor tool in Microsoft Word.