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)
Amajor client of your company is interested in the salary distributionsof jobs in the state of Minnesota that range from $30,000 to $200,000per year. As a Business Analyst, your boss asks you to research andanalyze 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
Youhave previously explained some of the basic statistics to your clientalready, and he really liked your work. Now he wants you to analyze theconfidence intervals.
Background information on the Data
Thedata set in the spreadsheet consists of 364 records that you will beanalyzing from the Bureau of Labor Statistics. The data set contains alisting of several jobs titles with yearly salaries ranging fromapproximately $30,000 to $200,000 for the state of Minnesota.
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