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Inference with Minicab Meantime: ___ Block: ___ Date: ___Purpose:1. To create confidence intervals and run tests of hypotheses: one sample mean2. To create confidence intervals and run tests of hypotheses:
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How to fill out confidence interval for mean

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How to fill out confidence interval for mean

01
Calculate the sample mean and sample standard deviation.
02
Determine the desired confidence level (typically 95% or 99%).
03
Lookup the Z-value corresponding to the desired confidence level (Z-value for 95% confidence level is 1.96, for 99% confidence level is 2.58).
04
Calculate the margin of error using the formula: Margin of Error = Z-value * (Standard Deviation / √Sample Size).
05
Calculate the lower and upper bounds of the confidence interval using the formula: Lower Bound = Sample Mean - Margin of Error, Upper Bound = Sample Mean + Margin of Error.

Who needs confidence interval for mean?

01
Researchers conducting studies and experiments to estimate population mean.
02
Business analysts wanting to make decisions based on statistical data.
03
Policy makers looking to make informed decisions based on data.
04
Students learning about inferential statistics.

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A confidence interval for the mean is a range of values derived from a sample statistic that is likely to contain the population mean with a specified level of confidence, often expressed as a percentage (such as 95%).
Statisticians, researchers, and analysts who conduct surveys or studies and wish to estimate the population mean with a degree of accuracy typically report confidence intervals for the mean.
To fill out a confidence interval for the mean, calculate the sample mean and then determine the margin of error using the standard deviation and the critical value from the t-distribution or z-distribution. The confidence interval is then given as the sample mean plus and minus the margin of error.
The purpose of a confidence interval for the mean is to provide an estimated range that likely contains the true population mean, giving researchers a measure of uncertainty about their estimate.
The report must include the sample mean, the margin of error, the confidence level (e.g., 95%), and the confidence interval range itself (lower and upper bounds).
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