Scenario Module #3

Anonymous
timer Asked: Oct 23rd, 2018
account_balance_wallet $9.99

Question Description

Given a real-life application, develop a confidence interval for a population parameter and its interpretation.

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

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. Your research and analysis should be present within the answers provided on the worksheet.

Unformatted Attachment Preview

Job Title Accountants and Auditors Actuaries Administrative Law Judges, Adjudicators, and Hearing Officers Administrative Services Managers Adult Basic and Secondary Education and Literacy Teachers and Instructors Advertising and Promotions Managers Advertising Sales Agents Aerospace Engineering and Operations Technicians Aerospace Engineers Agents and Business Managers of Artists, Performers, and Athletes Agricultural and Food Science Technicians Agricultural Inspectors Agricultural Sciences Teachers, Postsecondary Air Traffic Controllers Aircraft Cargo Handling Supervisors Aircraft Structure, Surfaces, Rigging, and Systems Assemblers Airfield Operations Specialists Airline Pilots, Copilots, and Flight Engineers Anthropologists and Archeologists Appraisers and Assessors of Real Estate Arbitrators, Mediators, and Conciliators Architects, Except Landscape and Naval Architectural and Civil Drafters Architecture and Engineering Occupations Architecture Teachers, Postsecondary Archivists Art Directors Art, Drama, and Music Teachers, Postsecondary Athletic Trainers Atmospheric and Space Scientists Atmospheric, Earth, Marine, and Space Sciences Teachers, Postsecondary Audiologists Avionics Technicians Biomedical Engineers Boilermakers Broadcast News Analysts Brokerage Clerks Budget Analysts Business and Financial Operations Occupations Business Operations Specialists, All Other Business Teachers, Postsecondary Buyers and Purchasing Agents, Farm Products Camera and Photographic Equipment Repairers Captains, Mates, and Pilots of Water Vessels Cardiovascular Technologists and Technicians Career/Technical Education Teachers, Middle School Career/Technical Education Teachers, Secondary School Cargo and Freight Agents Cartographers and Photogrammetrists Chefs and Head Cooks Chemical Engineers Chemical Equipment Operators and Tenders Chemical Plant and System Operators Chemical Technicians Chemistry Teachers, Postsecondary Chemists Child, Family, and School Social Workers Chiropractors Civil Engineers Claims Adjusters, Examiners, and Investigators Clinical, Counseling, and School Psychologists Coil Winders, Tapers, and Finishers Commercial and Industrial Designers Commercial Pilots Communications Equipment Operators, All Other Communications Teachers, Postsecondary Community and Social Service Occupations Community Health Workers Compensation and Benefits Managers Compensation, Benefits, and Job Analysis Specialists Compliance Officers Computer and Information Research Scientists Computer and Information Systems Managers Computer and Mathematical Occupations Computer Hardware Engineers Computer Network Architects Computer Network Support Specialists Computer Occupations, All Other Computer Programmers Computer Science Teachers, Postsecondary Computer Systems Analysts Computer User Support Specialists Conservation Scientists Construction and Building Inspectors Construction Managers Continuous Mining Machine Operators Control and Valve Installers and Repairers, Except Mechanical Door Conveyor Operators and Tenders Cost Estimators Crane and Tower Operators Credit Analysts Credit Counselors Criminal Justice and Law Enforcement Teachers, Postsecondary Curators Database Administrators Dental Hygienists Derrick Operators, Oil and Gas Detectives and Criminal Investigators Diagnostic Medical Sonographers Dietitians and Nutritionists Directors, Religious Activities and Education Drafters, All Other Economics Teachers, Postsecondary Economists Editors Education Administrators, All Other Education Administrators, Elementary and Secondary School Education Administrators, Postsecondary Education Administrators, Preschool and Childcare Center/Program Education Teachers, Postsecondary Education, Training, and Library Occupations Educational, Guidance, School, and Vocational Counselors Electric Motor, Power Tool, and Related Repairers Electrical and Electronics Drafters Electrical and Electronics Engineering Technicians Electrical and Electronics Installers and Repairers, Transportation Equipment Electrical and Electronics Repairers, Commercial and Industrial Equipment Electrical and Electronics Repairers, Powerhouse, Substation, and Relay Electrical Engineers Electrical Power-Line Installers and Repairers Electricians Electro-Mechanical Technicians Electronics Engineers, Except Computer Elementary School Teachers, Except Special Education Elevator Installers and Repairers Embalmers Emergency Management Directors Engineering Technicians, Except Drafters, All Other English Language and Literature Teachers, Postsecondary Environmental Engineering Technicians Environmental Engineers Environmental Science and Protection Technicians, Including Health Environmental Science Teachers, Postsecondary Environmental Scientists and Specialists, Including Health Epidemiologists Executive Secretaries and Executive Administrative Assistants Exercise Physiologists Explosives Workers, Ordnance Handling Experts, and Blasters Extruding, Forming, Pressing, and Compacting Machine Setters, Operators, and Tenders Farm and Home Management Advisors Film and Video Editors Financial Analysts Financial Clerks, All Other Financial Examiners Financial Managers Financial Specialists, All Other Fire Inspectors and Investigators Firefighters First-Line Supervisors of Construction Trades and Extraction Workers First-Line Supervisors of Correctional Officers First-Line Supervisors of Farming, Fishing, and Forestry Workers First-Line Supervisors of Fire Fighting and Prevention Workers First-Line Supervisors of Helpers, Laborers, and Material Movers, Hand First-Line Supervisors of Landscaping, Lawn Service, and Groundskeeping Workers First-Line Supervisors of Mechanics, Installers, and Repairers First-Line Supervisors of Non-Retail Sales Workers First-Line Supervisors of Office and Administrative Support Workers First-Line Supervisors of Police and Detectives First-Line Supervisors of Production and Operating Workers First-Line Supervisors of Protective Service Workers, All Other First-Line Supervisors of Transportation and Material-Moving Machine and Vehicle Operators Fish and Game Wardens Food Service Managers Foreign Language and Literature Teachers, Postsecondary Forensic Science Technicians Forest and Conservation Technicians Foresters Forestry and Conservation Science Teachers, Postsecondary Fundraisers Funeral Service Managers Gaming Supervisors Gas Compressor and Gas Pumping Station Operators Gas Plant Operators General and Operations Managers Geography Teachers, Postsecondary Geological and Petroleum Technicians Geoscientists, Except Hydrologists and Geographers Health and Safety Engineers, Except Mining Safety Engineers and Inspectors Health Diagnosing and Treating Practitioners, All Other Health Educators Health Specialties Teachers, Postsecondary Health Technologists and Technicians, All Other Healthcare Practitioners and Technical Occupations Healthcare Social Workers Hearing Aid Specialists Historians History Teachers, Postsecondary Hoist and Winch Operators Home Economics Teachers, Postsecondary Human Resources Managers Human Resources Specialists Industrial Engineering Technicians Industrial Engineers Industrial Machinery Mechanics Industrial Production Managers Information and Record Clerks, All Other Information Security Analysts Installation, Maintenance, and Repair Occupations Instructional Coordinators Insurance Appraisers, Auto Damage Insurance Sales Agents Insurance Underwriters Interior Designers Judges, Magistrate Judges, and Magistrates Kindergarten Teachers, Except Special Education Labor Relations Specialists Landscape Architects Lawyers Layout Workers, Metal and Plastic Legal Occupations Legal Support Workers, All Other Librarians Library Science Teachers, Postsecondary Life Scientists, All Other Life, Physical, and Social Science Occupations Loading Machine Operators, Underground Mining Loan Officers Locomotive Engineers Logging Workers, All Other Logisticians Magnetic Resonance Imaging Technologists Management Analysts Managers, All Other Marine Engineers and Naval Architects Market Research Analysts and Marketing Specialists Marketing Managers Marriage and Family Therapists Materials Engineers Mathematical Science Teachers, Postsecondary Mechanical Drafters Mechanical Engineering Technicians Mechanical Engineers Media and Communication Equipment Workers, All Other Medical and Clinical Laboratory Technologists Medical and Health Services Managers Medical Equipment Repairers Meeting, Convention, and Event Planners Mental Health Counselors Metal-Refining Furnace Operators and Tenders Middle School Teachers, Except Special and Career/Technical Education Millwrights Mine Cutting and Channeling Machine Operators Mine Shuttle Car Operators Mining and Geological Engineers, Including Mining Safety Engineers Mining Machine Operators, All Other Mixing and Blending Machine Setters, Operators, and Tenders Mobile Heavy Equipment Mechanics, Except Engines Model Makers, Metal and Plastic Morticians, Undertakers, and Funeral Directors Multimedia Artists and Animators Music Directors and Composers Natural Sciences Managers Network and Computer Systems Administrators Nuclear Engineers Nuclear Medicine Technologists Nuclear Technicians Nurse Practitioners Nursing Instructors and Teachers, Postsecondary Occupational Health and Safety Specialists Occupational Health and Safety Technicians Occupational Therapists Occupational Therapy Assistants Operations Research Analysts Optometrists Orthotists and Prosthetists Painters, Transportation Equipment Paper Goods Machine Setters, Operators, and Tenders Paralegals and Legal Assistants Patternmakers, Metal and Plastic Personal Financial Advisors Petroleum Pump System Operators, Refinery Operators, and Gaugers Pharmacists Philosophy and Religion Teachers, Postsecondary Physical Therapist Assistants Physical Therapists Physician Assistants Physicists Physics Teachers, Postsecondary Plant and System Operators, All Other Plumbers, Pipefitters, and Steamfitters Podiatrists Police and Sheriff's Patrol Officers Political Science Teachers, Postsecondary Postal Service Clerks Postal Service Mail Carriers Postal Service Mail Sorters, Processors, and Processing Machine Operators Postmasters and Mail Superintendents Power Distributors and Dispatchers Power Plant Operators Precision Instrument and Equipment Repairers, All Other Private Detectives and Investigators Probation Officers and Correctional Treatment Specialists Producers and Directors Production, Planning, and Expediting Clerks Property, Real Estate, and Community Association Managers Psychologists, All Other Psychology Teachers, Postsecondary Public Relations and Fundraising Managers Public Relations Specialists Pump Operators, Except Wellhead Pumpers Purchasing Agents, Except Wholesale, Retail, and Farm Products Purchasing Managers Radiation Therapists Radio, Cellular, and Tower Equipment Installers and Repairers Radiologic Technologists Rail Yard Engineers, Dinkey Operators, and Hostlers Railroad Conductors and Yardmasters Rail-Track Laying and Maintenance Equipment Operators Real Estate Brokers Real Estate Sales Agents Recreation and Fitness Studies Teachers, Postsecondary Recreational Vehicle Service Technicians Refractory Materials Repairers, Except Brickmasons Registered Nurses Reinforcing Iron and Rebar Workers Respiratory Therapists Rolling Machine Setters, Operators, and Tenders, Metal and Plastic Roof Bolters, Mining Rotary Drill Operators, Oil and Gas Sales Engineers Sales Managers Sales Representatives, Services, All Other Sales Representatives, Wholesale and Manufacturing, Except Technical and Scientific Products Sales Representatives, Wholesale and Manufacturing, Technical and Scientific Products Secondary School Teachers, Except Special and Career/Technical Education Securities, Commodities, and Financial Services Sales Agents Service Unit Operators, Oil, Gas, and Mining Set and Exhibit Designers Ship Engineers Signal and Track Switch Repairers Social and Community Service Managers Social Scientists and Related Workers, All Other Social Work Teachers, Postsecondary Social Workers, All Other Sociology Teachers, Postsecondary Software Developers, Applications Software Developers, Systems Software Soil and Plant Scientists Sound Engineering Technicians Special Education Teachers, All Other Special Education Teachers, Kindergarten and Elementary School Special Education Teachers, Middle School Special Education Teachers, Secondary School Speech-Language Pathologists Stationary Engineers and Boiler Operators Statisticians Surveyors Tank Car, Truck, and Ship Loaders Tax Examiners and Collectors, and Revenue Agents Technical Writers Telecommunications Equipment Installers and Repairers, Except Line Installers Tire Builders Tool and Die Makers Training and Development Managers Training and Development Specialists Transportation Inspectors Transportation, Storage, and Distribution Managers Urban and Regional Planners Veterinarians Water and Wastewater Treatment Plant and System Operators Web Developers Wholesale and Retail Buyers, Except Farm Products Writers and Authors Zoologists and Wildlife Biologists Salary 71,420 99,870 112,660 93,150 54,890 136,840 63,000 69,230 109,960 85,910 42,540 39,700 92,010 128,980 57,690 48,860 55,190 101,050 56,640 71,530 91,560 85,930 53,290 80,770 79,040 49,970 85,820 70,390 48,990 99,860 93,990 81,010 55,680 108,290 71,230 73,660 48,850 75,010 72,420 69,870 90,540 62,290 41,910 67,220 65,850 61,970 source: http://www.bls.gov/ 64,740 45,820 69,020 48,290 86,360 41,520 48,830 53,650 88,390 85,030 54,310 79,250 87,310 62,230 82,130 33,490 63,710 83,220 40,600 66,990 47,550 40,340 144,350 75,350 74,970 117,200 140,920 86,710 112,250 107,860 60,200 77,570 89,440 96,020 91,230 55,520 65,820 69,070 93,290 42,760 68,400 35,750 65,650 59,680 82,060 49,650 71,970 54,870 88,410 72,850 44,610 77,660 78,560 61,440 50,210 53,330 109,480 72,810 55,220 79,860 102,010 91,970 57,390 64,880 55,000 56,310 40,360 58,770 62,450 61,260 63,410 78,680 94,390 79,120 67,500 56,450 99,490 63,490 83,900 46,100 87,050 57,360 66,090 42,190 87,360 49,460 90,710 74,110 77,440 56,010 58,990 58,320 38,740 74,190 50,190 91,420 38,860 89,040 133,980 70,440 65,710 35,750 73,810 76,370 60,690 71,570 49,590 51,310 66,430 77,900 60,960 87,970 62,830 52,470 58,250 46,110 56,800 68,890 59,640 42,970 63,990 90,080 59,900 98,920 32,220 56,220 67,370 109,490 80,130 54,390 72,210 88,300 82,600 56,120 82,450 54,160 86,270 58,530 55,690 62,210 85,040 80,660 71,420 121,530 64,140 53,110 90,580 54,180 110,490 43,110 95,930 49,750 65,320 62,970 82,760 66,930 61,130 135,740 58,790 69,170 69,200 124,230 49,700 97,570 57,980 62,790 72,520 71,130 71,500 41,270 78,040 66,150 41,940 74,280 76,530 83,560 126,600 57,230 70,940 140,350 52,070 98,090 71,370 58,680 56,050 83,940 47,300 65,770 108,280 63,230 54,500 46,580 43,310 64,780 49,300 46,410 53,150 95,550 51,740 38,940 56,690 40,210 62,060 58,020 84,860 118,520 85,560 110,620 83,110 59,630 116,150 69,470 78,470 53,780 73,680 48,210 90,570 127,590 72,850 55,980 40,880 56,510 46,310 109,250 60,720 126,840 74,090 53,350 81,860 112,460 134,710 85,870 63,770 71,020 199,980 64,700 102,230 47,350 49,570 49,190 73,270 92,440 78,360 57,600 51,840 63,380 68,290 49,410 64,290 86,420 72,570 121,010 60,500 47,570 61,760 116,310 80,510 65,380 64,880 54,860 66,620 48,440 66,270 48,250 63,760 37,600 47,440 77,540 64,470 67,460 39,480 54,150 56,660 101,950 136,930 63,470 75,270 113,360 65,290 95,750 48,010 50,170 103,040 40,520 77,700 76,810 66,060 56,280 84,210 93,280 111,340 70,780 44,310 69,770 63,330 65,290 63,370 74,180 57,420 94,640 67,560 46,730 63,730 67,260 61,410 42,500 57,790 113,080 64,490 92,970 103,970 70,850 91,980 51,720 75,970 59,080 65,180 60,060 Deliverable 03 Worksheet 1. Discuss the importance of constructing confidence intervals for the population mean by answering these questions. o What are confidence intervals? o What is a point estimate? o What is the best point estimate for the population mean? Explain. o Why do we need confidence intervals? Answer and Explanation: Enter your step-by-step answer and explanations here. 2. Using the data from the Excel workbook, construct a 95% confidence interval for the population mean. Assume that your data is normally distributed and Οƒ 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. Answer and Explanation: Enter your step-by-step answer and explanations here. 3. Using the data from the Excel workbook, construct a 99% confidence interval for the population mean. Assume that your data is normally distributed and Οƒ 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. Answer and Explanation: Enter your step-by-step answer and explanations here. 4. Compare your answers for (2) and (3). You notice that the 99% confidence interval is wider. What is the advantage of using a wider confidence interval? Why would you not always use the 99% confidence interval? Explain with an example. Answer and Explanation: Enter your step-by-step answer and explanations here. 5. We want to estimate the mean salary in Minnesota. How many jobs must be randomly selected for their respective mean salaries if we want 95% confidence that the sample mean is within $126 of the population mean and Οƒ = $1150. Is the current sample size of 364 in the data set in our Excel workbook large enough? Explain. Answer and Explanation: Enter your step-by-step answer and explanations here. ...
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Tutor Answer

Robert__F
School: Cornell University

Please let me know if there is anything needs to be changed or added. I will be also appreciated that you can let me know if there is any problem or you have not received the work. Please let me know if there is anything needs to be changed or added. I will be also appreciated that you can let me know if there is any problem or you have not received the work Good luck in your study and if you need any further help in your assignments, please let me know Can you please confirm if you have received the work? Once again, thanks for allowing me to help you R MESSAGE TO STUDYPOOL NO OUTLINE IS NEEDED To ensure originality of the work

Deliverable 03 Worksheet
1. Discuss the importance of constructing confidence intervals for the population mean by
answering these questions.
o What are confidence intervals?
o What is a point estimate?
o What is the best point estimate for the population mean? Explain.
o Why do we need confidence intervals?
Answer and Explanation:
Enter your step-by-step answer and explanations here.
Confidence intervals represent the extreme values within which there is a known
probability or confidence of finding the parameter of the population defined by the
confidence interval. For example, a 95% confidence interval for the population mean
implies that there is a 95% probability that the population mean will be within the
minimum and maximum limits established by the confidence interval. Point estimates, on
the other hand, refer to the value of an estimate of the population. In the previous
example, a point estimate would indicate that the population mean has a specific value,
corresponding to the value of such point estimate. In contrast with the confidence
interval, the point estimate does not give an idea of the confidence that such value is truly
the population mean.
The best point estimate for the population mean is generally the average or mean of a
sample of data taken from such population. However, such claim presumes that the
sample of data collected to estimate the population mean is representative from the
population. Taking this into account, we need confidence intervals because they provide
more information about the point estimates about the population.

2. Using the data from the Excel workbook, construct a 95% confidence interval for the
population mean. Assume that your data is normally distributed and Οƒ 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.
Answer and Explanation:

Enter your step-by-step answer and explanations here.
Sample mean:
π‘₯Μ… =

βˆ‘ π‘₯𝑖
= $71,879
𝑛

Sample standard deviation:
βˆ‘(π‘₯𝑖 βˆ’ π‘₯Μ… )2
𝑠=√
= $23,367
π‘›βˆ’1
Z statistic corresponding to a 95% confidence level: 1.96
Confidence interval:
πœ‡ = π‘₯Μ… Β± 𝑧 βˆ—

𝑠
βˆšπ‘›

= 71879 Β± 1.96 βˆ—

23367
√364

= ($69,479 βˆ’ $74,280)

The calculated result indicates that there is a 95% confidence in that the population mean
will be contained between $69,479 and $74,280.

3. Using the data from the Excel workbook, construct a 99% confidence interval for the
population mean. Assume that your data is normally distributed and Οƒ 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.
Answer and Explanation:

Enter your step-by-step answer and explanations here.
Sample mean:
π‘₯Μ… =

βˆ‘ π‘₯𝑖
= $71,879
𝑛

Sample standard deviation:
βˆ‘(π‘₯𝑖 βˆ’ π‘₯Μ… )2
𝑠=√
= $23,367
π‘›βˆ’1
Z statistic corresponding to a 99% confidence level: 2.58
Confidence interval:
πœ‡ = π‘₯Μ… Β± 𝑧 βˆ—

𝑠
βˆšπ‘›

= 71879 Β± 2.58 βˆ—

23367
√364

= ($68,725 βˆ’ $75,034)

The calculated result indicates that there is a 99% confidence in that the population mean
will be contained between $68,725 and $75,034.

4. Compare your answers for (2) and (3). You notice that the 99% confidence interval is
wider. What is the advantage of using a wider confidence interval? Why would you not
always use the 99% confidence interval? Explain with an example.
Answer and Explanation:
Enter your step-by-step answer and explanations here.
As observed f...

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