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.

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