Develop a confidence interval for a population parameter.
Instructions
Scenario (information repeated for deliverable 01, 03, and 04)
A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $30,000 to $200,000 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
Deliverable 3 – Confidence Intervals.xlsx
You have previously explained some of the basic statistics to your client already, and he really liked your work. Now he wants you to analyze the confidence intervals.
Background information on the Data
The data set in the spreadsheet 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 $30,000 to $200,000 for the state of Minnesota.
What to Submit
Your boss wants you to submit the spreadsheet with the completed calculations, answers, and analysis.
Confidence Interval Deliverable 3 Data
| Job Title | Salary | ||||
| Accountants and Auditors | 67280 | source: | |||
| Actuaries | 100580 | ||||
| Administrative Law Judges, Adjudicators, and Hearing Officers | 144840 | Calculations/Values | Formulas/Answers | ||
| Administrative Services Managers | 97180 | Mean | |||
| Adult Basic and Secondary Education and Literacy Teachers and Instructors | 63940 | Standard Deviation | |||
| Advertising and Promotions Managers | 105130 | n | |||
| Advertising Sales Agents | 51740 | ||||
| Aerospace Engineering and Operations Technicians | 57140 | ||||
| Aerospace Engineers | 115220 | ||||
| Agents and Business Managers of Artists, Performers, and Athletes | 74580 | ||||
| Agricultural and Food Science Technicians | 40060 | ||||
| Agricultural Inspectors | 54140 | ||||
| Agricultural Sciences Teachers, Postsecondary | 87390 | ||||
| Air Traffic Controllers | 114906 | ||||
| Aircraft Cargo Handling Supervisors | 50380 | ||||
| Aircraft Structure, Surfaces, Rigging, and Systems Assemblers | 51410 | ||||
| Airfield Operations Specialists | 59800 | ||||
| Airline Pilots, Copilots, and Flight Engineers | 115670 | ||||
| Anthropologists and Archeologists | 51720 | ||||
| Appraisers and Assessors of Real Estate | 52870 | ||||
| Arbitrators, Mediators, and Conciliators | 86430 | ||||
| Architects, Except Landscape and Naval | 81000 | ||||
| Architectural and Civil Drafters | 62210 | ||||
| Architecture and Engineering Occupations | 73850 | ||||
| Architecture Teachers, Postsecondary | 73870 | ||||
| Archivists | 76749 | ||||
| Art Directors | 98924 | ||||
| Art, Drama, and Music Teachers, Postsecondary | 78700 | ||||
| Athletic Trainers | 45440 | ||||
| Atmospheric and Space Scientists | 93900 | ||||
| Atmospheric, Earth, Marine, and Space Sciences Teachers, Postsecondary | 96590 | ||||
| Audiologists | 97230 | ||||
| Avionics Technicians | 47320 | ||||
| Biomedical Engineers | 101250 | ||||
| Boilermakers | 76310 | ||||
| Broadcast News Analysts | 71040 | ||||
| Brokerage Clerks | 57260 | ||||
| Budget Analysts | 75940 | ||||
| Business and Financial Operations Occupations | 64880 | ||||
| Business Operations Specialists, All Other | 67980 | ||||
| Business Teachers, Postsecondary | 109800 | ||||
| Buyers and Purchasing Agents, Farm Products | 62290 | ||||
| Camera and Photographic Equipment Repairers | 32280 | ||||
| Captains, Mates, and Pilots of Water Vessels | 63890 | ||||
| Cardiovascular Technologists and Technicians | 59630 | ||||
| Career/Technical Education Teachers, Middle School | 69050 | ||||
| Career/Technical Education Teachers, Secondary School | 63430 | ||||
| Cargo and Freight Agents | 40910 | ||||
| Cartographers and Photogrammetrists | 72120 | ||||
| Chefs and Head Cooks | 47660 | ||||
| Chemical Engineers | 87200 | ||||
| Chemical Equipment Operators and Tenders | 45460 | ||||
| Chemical Plant and System Operators | 54920 | ||||
| Chemical Technicians | 50360 | ||||
| Chemistry Teachers, Postsecondary | 96330 | ||||
| Chemists | 59630 | ||||
| Child, Family, and School Social Workers | 58140 | ||||
| Chiropractors | 87540 | ||||
| Civil Engineers | 91430 | ||||
| Claims Adjusters, Examiners, and Investigators | 66030 | ||||
| Clinical, Counseling, and School Psychologists | 76150 | ||||
| Coil Winders, Tapers, and Finishers | 36610 | ||||
| Commercial and Industrial Designers | 66710 | ||||
| Commercial Pilots | 130059 | ||||
| Communications Equipment Operators, All Other | 43160 | ||||
| Communications Teachers, Postsecondary | 85310 | ||||
| Community and Social Service Occupations | 43790 | ||||
| Community Health Workers | 37190 | ||||
| Compensation and Benefits Managers | 123570 | ||||
| Compensation, Benefits, and Job Analysis Specialists | 67210 | ||||
| Compliance Officers | 67637 | ||||
| Computer and Information Research Scientists | 121310 | ||||
| Computer and Information Systems Managers | 137140 | ||||
| Computer and Mathematical Occupations | 81640 | ||||
| Computer Hardware Engineers | 95500 | ||||
| Computer Network Architects | 115050 | ||||
| Computer Network Support Specialists | 70940 | ||||
| Computer Occupations, All Other | 92960 | ||||
| Computer Programmers | 84280 | ||||
| Computer Science Teachers, Postsecondary | 89290 | ||||
| Computer Systems Analysts | 90600 | ||||
| Computer User Support Specialists | 53680 | ||||
| Conservation Scientists | 67540 | ||||
| Construction and Building Inspectors | 64150 | ||||
| Construction Managers | 99150 | ||||
| Continuous Mining Machine Operators | 55330 | ||||
| Control and Valve Installers and Repairers, Except Mechanical Door | 64960 | ||||
| Conveyor Operators and Tenders | 35110 | ||||
| Cost Estimators | 69480 | ||||
| Crane and Tower Operators | 53980 | ||||
| Credit Analysts | 72870 | ||||
| Credit Counselors | 46720 | ||||
| Criminal Justice and Law Enforcement Teachers, Postsecondary | 66980 | ||||
| Curators | 66230 | ||||
| Database Administrators | 91730 | ||||
| Dental Hygienists | 71930 | ||||
| Derrick Operators, Oil and Gas | 38120 | ||||
| Detectives and Criminal Investigators | 90890 | ||||
| Diagnostic Medical Sonographers | 74340 | ||||
| Dietitians and Nutritionists | 60370 | ||||
| Directors, Religious Activities and Education | 43690 | ||||
| Drafters, All Other | 51790 | ||||
| Economics Teachers, Postsecondary | 137920 | ||||
| Economists | 106280 | ||||
| Editors | 58820 | ||||
| Education Administrators, All Other | 79960 | ||||
| Education Administrators, Elementary and Secondary School | 103570 | ||||
| Education Administrators, Postsecondary | 110110 | ||||
| Education Administrators, Preschool and Childcare Center/Program | 81590 | ||||
| Education Teachers, Postsecondary | 65020 | ||||
| Education, Training, and Library Occupations | 47920 | ||||
| Educational, Guidance, School, and Vocational Counselors | 56550 | ||||
| Electric Motor, Power Tool, and Related Repairers | 63800 | ||||
| Electrical and Electronics Drafters | 69010 | ||||
| Electrical and Electronics Engineering Technicians | 68060 | ||||
| Electrical and Electronics Installers and Repairers, Transportation Equipment | 54060 | ||||
| Electrical and Electronics Repairers, Commercial and Industrial Equipment | 55970 | ||||
| Electrical and Electronics Repairers, Powerhouse, Substation, and Relay | 81590 | ||||
| Electrical Engineers | 91870 | ||||
| Electrical Power-Line Installers and Repairers | 67430 | ||||
| Electricians | 60590 | ||||
| Electro-Mechanical Technicians | 54700 | ||||
| Electronics Engineers, Except Computer | 100610 | ||||
| Elementary School Teachers, Except Special Education | 62620 | ||||
| Elevator Installers and Repairers | 88340 | ||||
| Embalmers | 48770 | ||||
| Emergency Management Directors | 79270 | ||||
| Engineering Technicians, Except Drafters, All Other | 63250 | ||||
| English Language and Literature Teachers, Postsecondary | 81700 | ||||
| Environmental Engineering Technicians | 56810 | ||||
| Environmental Engineers | 84870 | ||||
| Environmental Science and Protection Technicians, Including Health | 45090 | ||||
| Environmental Science Teachers, Postsecondary | 92530 | ||||
| Environmental Scientists and Specialists, Including Health | 84320 | ||||
| Epidemiologists | 85620 | ||||
| Executive Secretaries and Executive Administrative Assistants | 55770 | ||||
| Exercise Physiologists | 54300 | ||||
| Explosives Workers, Ordnance Handling Experts, and Blasters | 62910 | ||||
| Extruding, Forming, Pressing, and Compacting Machine Setters, Operators, and Tenders | 38680 | ||||
| Farm and Home Management Advisors | 38940 | ||||
| Film and Video Editors | 62280 | ||||
| Financial Analysts | 85660 | ||||
| Financial Clerks, All Other | 44080 | ||||
| Financial Examiners | 101500 | ||||
| Financial Managers | 142370 | ||||
| Financial Specialists, All Other | 87690 | ||||
| Fire Inspectors and Investigators | 58590 | ||||
| Firefighters | 49620 | ||||
| First-Line Supervisors of Construction Trades and Extraction Workers | 82160 | ||||
| First-Line Supervisors of Correctional Officers | 84290 | ||||
| First-Line Supervisors of Farming, Fishing, and Forestry Workers | 43150 | ||||
| First-Line Supervisors of Fire Fighting and Prevention Workers | 91930 | ||||
| First-Line Supervisors of Helpers, Laborers, and Material Movers, Hand | 49590 | ||||
| First-Line Supervisors of Landscaping, Lawn Service, and Groundskeeping Workers | 54280 | ||||
| First-Line Supervisors of Mechanics, Installers, and Repairers | 66430 | ||||
| First-Line Supervisors of Non-Retail Sales Workers | 72920 | ||||
| First-Line Supervisors of Office and Administrative Support Workers | 58120 | ||||
| First-Line Supervisors of Police and Detectives | 101240 | ||||
| First-Line Supervisors of Production and Operating Workers | 60990 | ||||
| First-Line Supervisors of Protective Service Workers, All Other | 46280 | ||||
| First-Line Supervisors of Transportation and Material-Moving Machine and Vehicle Operators | 58250 | ||||
| Fish and Game Wardens | 75430 | ||||
| Food Service Managers | 51340 | ||||
| Foreign Language and Literature Teachers, Postsecondary | 73350 | ||||
| Forensic Science Technicians | 79630 | ||||
| Forest and Conservation Technicians | 46640 | ||||
| Foresters | 65970 | ||||
| Forestry and Conservation Science Teachers, Postsecondary | 90080 | ||||
| Fundraisers | 57720 | ||||
| Funeral Service Managers | 82590 | ||||
| Gaming Supervisors | 32220 | ||||
| Gas Compressor and Gas Pumping Station Operators | 62720 | ||||
| Gas Plant Operators | 70130 | ||||
| General and Operations Managers | 124190 | ||||
| Geography Teachers, Postsecondary | 82530 | ||||
| Geological and Petroleum Technicians | 39180 | ||||
| Geoscientists, Except Hydrologists and Geographers | 70730 | ||||
| Health and Safety Engineers, Except Mining Safety Engineers and Inspectors | 84880 | ||||
| Health Diagnosing and Treating Practitioners, All Other | 67650 | ||||
| Health Educators | 41781 | ||||
| Health Specialties Teachers, Postsecondary | 136670 | ||||
| Health Technologists and Technicians, All Other | 45940 | ||||
| Healthcare Practitioners and Technical Occupations | 67470 | ||||
| Healthcare Social Workers | 53600 | ||||
| Hearing Aid Specialists | 46970 | ||||
| Historians | 84337 | ||||
| History Teachers, Postsecondary | 88590 | ||||
| Hoist and Winch Operators | 80,660 | ||||
| Home Economics Teachers, Postsecondary | 74490 | ||||
| Human Resources Managers | 112430 | ||||
| Human Resources Specialists | 61460 | ||||
| Industrial Engineering Technicians | 55460 | ||||
| Industrial Engineers | 82720 | ||||
| Industrial Machinery Mechanics | 55930 | ||||
| Industrial Production Managers | 100480 | ||||
| Information and Record Clerks, All Other | 45700 | ||||
| Information Security Analysts | 97360 | ||||
| Installation, Maintenance, and Repair Occupations | 45990 | ||||
| Instructional Coordinators | 66810 | ||||
| Insurance Appraisers, Auto Damage | 70380 | ||||
| Insurance Sales Agents | 66080 | ||||
| Insurance Underwriters | 76990 | ||||
| Interior Designers | 62010 | ||||
| Judges, Magistrate Judges, and Magistrates | 58140 | ||||
| Kindergarten Teachers, Except Special Education | 55850 | ||||
| Labor Relations Specialists | 51870 | ||||
| Landscape Architects | 68960 | ||||
| Lawyers | 140920 | ||||
| Layout Workers, Metal and Plastic | 42830 | ||||
| Legal Occupations | 82900 | ||||
| Legal Support Workers, All Other | 60100 | ||||
| Librarians | 56320 | ||||
| Library Science Teachers, Postsecondary | 78830 | ||||
| Life Scientists, All Other | 82630 | ||||
| Life, Physical, and Social Science Occupations | 62840 | ||||
| Loading Machine Operators, Underground Mining | 41270 | ||||
| Loan Officers | 63040 | ||||
| Locomotive Engineers | 71960 | ||||
| Logging Workers, All Other | 41940 | ||||
| Logisticians | 74600 | ||||
| Magnetic Resonance Imaging Technologists | 70580 | ||||
| Management Analysts | 92200 | ||||
| Managers, All Other | 88600 | ||||
| Marine Engineers and Naval Architects | 82410 | ||||
| Market Research Analysts and Marketing Specialists | 62380 | ||||
| Marketing Managers | 122260 | ||||
| Marriage and Family Therapists | 55600 | ||||
| Materials Engineers | 91510 | ||||
| Mathematical Science Teachers, Postsecondary | 78880 | ||||
| Mechanical Drafters | 58540 | ||||
| Mechanical Engineering Technicians | 60220 | ||||
| Mechanical Engineers | 92040 | ||||
| Media and Communication Equipment Workers, All Other | 76540 | ||||
| Medical and Clinical Laboratory Technologists | 65770 | ||||
| Medical and Health Services Managers | 113030 | ||||
| Medical Equipment Repairers | 58310 | ||||
| Meeting, Convention, and Event Planners | 52370 | ||||
| Mental Health Counselors | 46580 | ||||
| Metal-Refining Furnace Operators and Tenders | 44990 | ||||
| Middle School Teachers, Except Special and Career/Technical Education | 66630 | ||||
| Millwrights | 57190 | ||||
| Mine Cutting and Channeling Machine Operators | 46250 | ||||
| Mine Shuttle Car Operators | 56930 | ||||
| Mining and Geological Engineers, Including Mining Safety Engineers | 93920 | ||||
| Mining Machine Operators, All Other | 69160 | ||||
| Mixing and Blending Machine Setters, Operators, and Tenders | 41970 | ||||
| Mobile Heavy Equipment Mechanics, Except Engines | 58950 | ||||
| Model Makers, Metal and Plastic | 57100 | ||||
| Morticians, Undertakers, and Funeral Directors | 69800 | ||||
| Multimedia Artists and Animators | 59890 | ||||
| Music Directors and Composers | 46260 | ||||
| Natural Sciences Managers | 113620 | ||||
| Network and Computer Systems Administrators | 87700 | ||||
| Nuclear Engineers | 121650 | ||||
| Nuclear Medicine Technologists | 79440 | ||||
| Nuclear Technicians | 88770 | ||||
| Nurse Practitioners | 101960 | ||||
| Nursing Instructors and Teachers, Postsecondary | 72450 | ||||
| Occupational Health and Safety Specialists | 75610 | ||||
| Occupational Health and Safety Technicians | 61740 | ||||
| Occupational Therapists | 82290 | ||||
| Occupational Therapy Assistants | 61860 | ||||
| Operations Research Analysts | 90310 | ||||
| Optometrists | 111790 | ||||
| Orthotists and Prosthetists | 82380 | ||||
| Painters, Transportation Equipment | 45230 | ||||
| Paper Goods Machine Setters, Operators, and Tenders | 37110 | ||||
| Paralegals and Legal Assistants | 56990 | ||||
| Patternmakers, Metal and Plastic | 56260 | ||||
| Personal Financial Advisors | 121750 | ||||
| Petroleum Pump System Operators, Refinery Operators, and Gaugers | 66550 | ||||
| Pharmacists | 120280 | ||||
| Philosophy and Religion Teachers, Postsecondary | 78010 | ||||
| Physical Therapist Assistants | 58720 | ||||
| Physical Therapists | 90040 | ||||
| Physician Assistants | 104730 | ||||
| Physicists | 118520 | ||||
| Physics Teachers, Postsecondary | 89040 | ||||
| Plant and System Operators, All Other | 56830 | ||||
| Plumbers, Pipefitters, and Steamfitters | 77570 | ||||
| Podiatrists | 195730 | ||||
| Police and Sheriff’s Patrol Officers | 74870 | ||||
| Political Science Teachers, Postsecondary | 90250 | ||||
| Postal Service Clerks | 49310 | ||||
| Postal Service Mail Carriers | 50160 | ||||
| Postal Service Mail Sorters, Processors, and Processing Machine Operators | 49820 | ||||
| Postmasters and Mail Superintendents | 75620 | ||||
| Power Distributors and Dispatchers | 84830 | ||||
| Power Plant Operators | 79100 | ||||
| Precision Instrument and Equipment Repairers, All Other | 64170 | ||||
| Private Detectives and Investigators | 58290 | ||||
| Probation Officers and Correctional Treatment Specialists | 64300 | ||||
| Producers and Directors | 75970 | ||||
| Production, Planning, and Expediting Clerks | 48390 | ||||
| Property, Real Estate, and Community Association Managers | 66710 | ||||
| Psychologists, All Other | 79010 | ||||
| Psychology Teachers, Postsecondary | 89680 | ||||
| Public Relations and Fundraising Managers | 115180 | ||||
| Public Relations Specialists | 63620 | ||||
| Pump Operators, Except Wellhead Pumpers | 51520 | ||||
| Purchasing Agents, Except Wholesale, Retail, and Farm Products | 61760 | ||||
| Purchasing Managers | 111380 | ||||
| Radiation Therapists | 84640 | ||||
| Radio, Cellular, and Tower Equipment Installers and Repairers | 49240 | ||||
| Radiologic Technologists | 63420 | ||||
| Rail Yard Engineers, Dinkey Operators, and Hostlers | 54790 | ||||
| Railroad Conductors and Yardmasters | 65740 | ||||
| Rail-Track Laying and Maintenance Equipment Operators | 54600 | ||||
| Real Estate Brokers | 88750 | ||||
| Real Estate Sales Agents | 59010 | ||||
| Recreation and Fitness Studies Teachers, Postsecondary | 60080 | ||||
| Recreational Vehicle Service Technicians | 34450 | ||||
| Refractory Materials Repairers, Except Brickmasons | 49210 | ||||
| Registered Nurses | 71730 | ||||
| Reinforcing Iron and Rebar Workers | 86290 | ||||
| Respiratory Therapists | 56910 | ||||
| Rolling Machine Setters, Operators, and Tenders, Metal and Plastic | 38060 | ||||
| Roof Bolters, Mining | 58900 | ||||
| Rotary Drill Operators, Oil and Gas | 49720 | ||||
| Sales Engineers | 98760 | ||||
| Sales Managers | 75432 | ||||
| Sales Representatives, Services, All Other | 61930 | ||||
| Sales Representatives, Wholesale and Manufacturing, Except Technical and Scientific Products | 69900 | ||||
| Sales Representatives, Wholesale and Manufacturing, Technical and Scientific Products | 81950 | ||||
| Secondary School Teachers, Except Special and Career/Technical Education | 68380 | ||||
| Securities, Commodities, and Financial Services Sales Agents | 86070 | ||||
| Service Unit Operators, Oil, Gas, and Mining | 42200 | ||||
| Set and Exhibit Designers | 54620 | ||||
| Ship Engineers | 57066 | ||||
| Signal and Track Switch Repairers | 38120 | ||||
| Social and Community Service Managers | 63870 | ||||
| Social Scientists and Related Workers, All Other | 79960 | ||||
| Social Work Teachers, Postsecondary | 54580 | ||||
| Social Workers, All Other | 65890 | ||||
| Sociology Teachers, Postsecondary | 87710 | ||||
| Software Developers, Applications | 96110 | ||||
| Software Developers, Systems Software | 106700 | ||||
| Soil and Plant Scientists | 57080 | ||||
| Sound Engineering Technicians | 58660 | ||||
| Special Education Teachers, All Other | 59400 | ||||
| Special Education Teachers, Kindergarten and Elementary School | 65430 | ||||
| Special Education Teachers, Middle School | 62160 | ||||
| Special Education Teachers, Secondary School | 68560 | ||||
| Speech-Language Pathologists | 78760 | ||||
| Stationary Engineers and Boiler Operators | 79090 | ||||
| Statisticians | 88190 | ||||
| Surveyors | 60215 | ||||
| Tank Car, Truck, and Ship Loaders | 45470 | ||||
| Tax Examiners and Collectors, and Revenue Agents | 79850 | ||||
| Technical Writers | 67410 | ||||
| Telecommunications Equipment Installers and Repairers, Except Line Installers | 57580 | ||||
| Tire Builders | 42500 | ||||
| Tool and Die Makers | 54680 | ||||
| Training and Development Managers | 101500 | ||||
| Training and Development Specialists | 59910 | ||||
| Transportation Inspectors | 86790 | ||||
| Transportation, Storage, and Distribution Managers | 93250 | ||||
| Urban and Regional Planners | 79510 | ||||
| Veterinarians | 93830 | ||||
| Water and Wastewater Treatment Plant and System Operators | 54560 | ||||
| Web Developers | 57450 | ||||
| Wholesale and Retail Buyers, Except Farm Products | 55080 | ||||
| Writers and Authors | 53050 | ||||
| Zoologists and Wildlife Biologists | 62420 |
Confidence Interval Deliverable 3 Question 1
- Discuss the importance of constructing confidence intervals for the population mean by answering these questions. a. What are confidence intervals? b. What is a point estimate? c. What is the best point estimate for the population mean? Explain. d. Why do we need confidence intervals?
Confidence Interval Deliverable 3 Question 2
| Calculations/Values | Formulas/Answers | ||||||||||||
| Mean | |||||||||||||
| Standard Deviation | |||||||||||||
| n | |||||||||||||
| Critical Value | |||||||||||||
| Margin of Error | |||||||||||||
| Lower Limit | |||||||||||||
| Upper Limit |
- Using the data from the ‘Data’ tab in this workbook, construct a 95% confidence interval for the population mean. Assume that your data is normally distributed and σ is unknown. Include a statement that correctly interprets the confidence interval in context of the scenario. Hint: Use the sample mean and sample standard deviation from Deliverable 1. Do NOT copy and paste the values. Instead, use cell referencing to use the unrounded values. Calculate all of the values needed to create this confidence interval to the right. Below, include a breakdown of the steps, include formulas, and correctly interpret the solution in context of the scenario with the correct units.
Confidence Interval Question 3
| Calculations/Values | Formulas/Answers | ||||||||||||
| Mean | |||||||||||||
| Standard Deviation | |||||||||||||
| n | |||||||||||||
| Critical Value | |||||||||||||
| Margin of Error | |||||||||||||
| Lower Limit | |||||||||||||
| Upper Limit |
- Using the data from the ‘Data’ tab in this workbook, construct a 99% confidence interval for the population mean. Assume that your data is normally distributed and σ is unknown. Include a statement that correctly interprets the confidence interval in context of the scenario. Hint: Use the sample mean and sample standard deviation from Deliverable 1. Do NOT copy and paste the values. Instead, use cell referencing to use the unrounded values. Calculate all of the values needed to create this confidence interval to the right. Below, include a breakdown of the steps, include formulas, and correctly interpret the solution in context of the scenario with the correct units.
Confidence Interval Question 4
- Compare your answers for Question 2 and 3. Notice that the 99% confidence interval is wider. a. What is the advantage of using a wider confidence interval? b. Why would you not always use the 99% confidence interval? Explain with an example.
Confidence Interval Deliverable 3 Question 5
| CV (z) | ||||||||||||
| sigma | ||||||||||||
| E | ||||||||||||
| n |
- We want to estimate the mean salary in Minnesota. a. How many jobs must be randomly selected for their respective mean salaries if we want 95% confidence that the sample mean is within $130 of the population mean and σ = $1240. Show your calculations using Excel functions in the area to the right of this text box and answer the problem with explanations below. b. Is the current sample size of 364 in the data set in our Excel workbook large enough? Explain.