- 1Understand basic probability concepts and their applications in solving business problems
2 Understand the concept of random variables, both in discrete and continuous domains, understand the common representations of random
variables and the common indicators of their characteristics
4 Understand the common methodologies in estimating parameters of a population, and in estimating the variation of a parameter across two
populations
7 Understand the construction of the correlation coefficient and its significance, understand the linear regression methodology in examining causality
Activity 2 – CLO 1, CLO 2, CLO 3, CLO 4, CLO 10
Using your textbook, LIRN-based research, and your study notes, answer the following questions that deal with confidence interval construction and
explain the content in detail, including calculations.
Please be sure to include in-text citations and peer reviewed references in APA format in your discussion post. - Explain what a confidence interval is, and what is the confidence level?
- Explain in what situations you can use the z statistic to construct a confidence interval for the mean of a population?
- Explain what is the test statistic used for constructing confidence intervals on a proportion.
- Explain why and when t statistic is used in constructing a confidence interval for the mean of a population.
- Provide complete solutions to exercises 49 and 53 in Supplementary Exercises presented at the end of Chapter 8.
- Provide complete solution to Case Problem 1 (Young Professional Magazine) presented at the end of chapter 8, parts 1 through 4 only. You can
assume that the distribution of mileage is normal
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