Description
Based on the date you collected (collected data attached as a file below);
*** Create confidence intervals related to the interval and ratio-level data you collected and answer the following questions.
- What is the best estimate of the population mean.
- Develop a 95% confidence interval for the population mean. Develop a 90% confidence interval for the population mean. Develop a 98% confidence interval for the population mean.
- Interpret the confidence interval. Detailed interpretation is key.
*** Create an individual Excel document for each of the required items and be sure to show work with formulas and details of explanations.
APA format is not required, but solid academic writing is expected.
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Explanation & Answer
Attached.
Running head: CONFIDENCE INTERVAL
Confidence Interval
Student’s Name
Institutional Affiliation
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CONFIDENCE INTERVAL
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Confidence Interval
Confidence interval in statistics explains a range of values by which a selected
probability that a specified value within a parameter lies within the estimated interval (Bell,
Bryman, & Harley, 2018). The confidence interval provides us with an upper and lower limit
around an estimated sample mean, by which one is confident of capturing a population mean.
The paper examines the confidence interval for sample data collected from 37 employees
concerning the staff spending per week in an online grocery store and their experience during the
COVID-19 global crisis.
Discussion
The employees spend an average of 295 dollars in the online grocery store from the
collected data, with a standard deviation of 151 dollars. Besides, the staff that spent the most
amount on groceries spend 600 dollars and a minimum of 40 dollars.
95 Percent Confidence Interval
The 95 % confidence interval for the ...