CONFIDENCE INTERVALS

Competency

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.

 
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