Given a real-life application, develop a confidence interval for a population parameter and its interpretation.
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 $40,000 to $120,000 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 job titles with yearly salaries ranging from approximately $40,000 to $120,000 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.