# Kennedy King College Confidence Intervals Excel Worksheet PLEASE REFER TO GRADING RUBRIC APA FORMAT IF APPLIESCompetencyGiven a real-life application, deve

Kennedy King College Confidence Intervals Excel Worksheet PLEASE REFER TO GRADING RUBRIC APA FORMAT IF APPLIESCompetencyGiven a real-life application, develop a confidence interval for a population parameter and its interpretation.InstructionsScenario (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 DataThe 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 SubmitYour boss wants you to submit the spreadsheet with the completed calculations, answers, and analysis.Grading Rubric

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Salary
67190
97070
133840
95180
63940
104130
51740
56140
115220
74580
42060
54140
87390
114906
52480
51410
59800
115670
55720
52870
86430
81000
62210
73850
73870
76749
98924
78700
45440
93900
96590
97230
47320
99000
76310
71040
57260
75940
64880
67980
119810
62290
32280
63890
59630
69050
source: http://www.bls.gov/
Calculations/Values
Mean
Standard Deviation
n
63430
40910
72120
47660
87200
45460
54920
50360
96330
59630
58140
86820
91430
66030
76150
36610
66710
130059
43160
85310
43790
37190
121570
67210
67637
121310
137140
81640
95500
112050
70940
92960
84280
89290
90600
53680
67540
64150
99150
55330
64960
35110
69480
53980
72870
46720
66980
66230
91730
71930
38120
90890
74340
60370
43690
51790
137920
106280
58820
79960
103570
110110
81590
65020
47920
56550
63800
69010
68060
54060
55970
81590
91870
67430
59190
54700
100610
62620
88340
48770
79270
63250
81700
56810
84870
45090
92530
84320
85620
55770
54300
62910
38680
38940
62280
85660
44080
99800
134370
87690
58590
49620
82160
84290
42540
91930
49590
54280
66430
72920
58120
101240
60990
46280
58250
75430
51340
73350
79630
46640
65970
90080
57720
82590
32220
62720
70130
124190
82530
39180
70730
84880
67650
41781
136670
45940
67470
53600
46970
84337
88590
80,660
74490
112430
61460
55460
82720
55930
100480
45700
97360
45990
66810
70380
66080
76990
62010
58140
55850
51870
68960
140920
42830
82900
59800
56320
78830
82630
62840
41270
63040
71960
41940
74600
70580
92200
88600
82410
62380
122260
55600
91510
78880
58540
60220
92040
76540
65770
113030
58310
52370
46580
44990
66630
58660
46250
56930
93920
69160
41970
58950
57100
69800
59890
46260
113620
87700
121650
79440
88770
101960
72450
75610
61740
82290
61860
90310
111790
82380
45230
37110
56990
56260
121750
66550
120280
78010
58720
90040
104730
118520
89040
56830
77570
192180
73870
90250
49310
50160
49820
75620
84830
79100
64170
58290
64300
75970
48390
66710
79010
89680
115180
63620
51520
61760
111380
84640
49240
63420
54790
65740
54600
86260
59010
60080
34450
49210
71730
86290
56910
38060
58900
49720
98760
75432
61930
69900
81950
68380
86070
42200
54620
57066
37720
63870
79960
54580
65890
87710
96110
106700
57080
58660
59400
65430
62160
68560
78760
79090
88190
60215
45470
79850
67410
57580
42500
54680
101500
59910
86790
92220
79510
93830
54560
56820
59080
62170
63420
1. Discuss the importance of constructing confidence intervals for the population mean by answering these questio
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?
2. 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.
Show all calculations (including the critical value, margin of error, and limits of the confidence interval) to the right. Incl
a breakdown of the steps and a correct statistical interpretation of the answer below.
nterval for the population mean.
nt that correctly interprets the
T copy and paste the values.
nfidence interval) to the right. Include
Calculations/Values
Mean
Standard Deviation
n
Critical Value
Margin of Error
Lower Limit
Upper Limit
3. 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
Show all calculations (including the critical value, margin of error, and limits of the confidence interval) to the right. Inclu
breakdown of the steps and a correct statistical interpretation of the answer below.
terval for the population mean.
t that correctly interprets the
opy and paste the values.
idence interval) to the right. Include a
Calculations/Values
Mean
Standard Deviation
n
Critical Value
Margin of Error
Lower Limit
Upper Limit
4. Compare your answers for (2) and (3). You notice that the 99% confidence interval is wider. What is the advanta
confidence interval? Why would you not always use the 99% confidence interval? Explain with an example.
val is wider. What is the advantage of using a wider
Explain with an example.
5. We want to estimate the mean salary in Minnesota. (a) How many jobs must be randomly selected for their respec
mean salaries if we want 95% confidence that the sample mean is within \$124 of the population mean and σ = \$1175
Is the current sample size of 364 in the data set in our Excel workbook large enough? Explain.
Show your calculations using Excel functions in the area to the right of this text box and answer the problem with
explanations below.
andomly selected for their respective
e population mean and σ = \$1175. (b)

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