First part Conduct an investigation taking into consideration the following concepts: Confidence interval of a population mean Critical Z Score Confidence level Expected error level Significance level...

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Answered 1 days AfterSep 08, 2021

Answer To: First part Conduct an investigation taking into consideration the following concepts: Confidence...

Gaurav answered on Sep 09 2021
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First part
Conduct an investigation taking into consideration the following concepts:
Confidence interval of a population mean
Critical Z Score
Confidence level
Expected error level
Significance level

Lower Confidence Limit (LCI)
Upper Confidence Limit (LCS)
Confidence interval precision
Guiding questions to answer in writing:
When calculating confidence intervals, what is the relationship between the sample size and the size of the standard error?
Answer.
Standard error is inversely proportional to the square root of sample size. Also, larger the sample size, smaller the confidence interval

When calculating confidence intervals, what is the relationship between the size of the confidence interval and the critical Z score used to calculate it?
Answer
Sample mean – (Z score) * standard error/ (sq root of sample size)
Write the statistical interpretation of any confidence interval for which you are 99% certain.
Answer.
The statistical interpretation of any confidence interval for which we are 99% certain is that the probability of the parameter value which we are interested lying between the lower and upper limits of the interval is 99%. There is 1 % probability that the parameter value does not lie in the interval.
List and explain the steps in calculating a confidence interval.
Step 1. Select the sample size n
Step 2. We have to find the mean of the sample ( Ⴟ)
Step 3. Then we calculate the standard deviation of the sample (s).
Step 4. Now we got to decide the confidence interval that we want to use. Generally, 95 % and 99% confidence interval is used, but we can set it as per our needs.
Step 5. Now, we need to find the Z value for the selected confidence interval.
Step 6. Now, whether it is comparison of proportions or mean, we use the appropriate formula.
Step 7. We set the interval.
The level of significance in the calculation of a confidence interval is symbolized by α. What is the relationship between α and the confidence level?
Solution.
Probability of parameter value lying in the Confidence...
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