Discuss the importance of constructing confidence intervals for the a population mean.

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?

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 σ 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.

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 σ 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.

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.