Deliverable 3 Confidence Intervals - Discuss the importance of constructing confidence

Job Title                                                                                                                                                Salary

Accountants and Auditors                                                                                                            71,470

Actuaries                                                                                                                                             99,870

Administrative Law Judges, Adjudicators, and Hearing Officers                                    1,12,660

Administrative Services Managers                                                                                            93,150

Adult Basic and Secondary Education and Literacy Teachers and Instructors           54,890

Advertising and Promotions Managers                                                                                   1,36,840

Advertising Sales Agents                                                                                                               63,000

Aerospace Engineering and Operations Technicians                                                          69,230

Aerospace Engineers                                                                                                                      1,09,960

Agents and Business Managers of Artists, Performers, and Athletes                          85,910

Agricultural and Food Science Technicians                                                                             42,540

Agricultural Inspectors                                                                                                                  39,700

Agricultural Sciences Teachers, Postsecondary                                                                   92,010

Air Traffic Controllers                                                                                                                     1,28,980

Aircraft Cargo Handling Supervisors                                                                                         57,690

Aircraft Structure, Surfaces, Rigging, and Systems Assemblers                                     48,860

Airfield Operations Specialists                                                                                                    55,190

Airline Pilots, Copilots, and Flight Engineers                                                                         1,01,050

Anthropologists and Archeologists                                                                                           56,640

Appraisers and Assessors of Real Estate                                                                                 71,530

Arbitrators, Mediators, and Conciliators                                                                                 91,560

Architects, Except Landscape and Naval                                                                                 85,930

Architectural and Civil Drafters                                                                                                  53,290

Architecture and Engineering Occupations                                                                            80,770

Architecture Teachers, Postsecondary                                                                                    79,040

Archivists                                                                                                                                             49,970

Art Directors      85,820

Art, Drama, and Music Teachers, Postsecondary 70,390

Athletic Trainers               48,990

Atmospheric and Space Scientists             99,860

Atmospheric, Earth, Marine, and Space Sciences Teachers, Postsecondary             93,990

Audiologists       81,010

Avionics Technicians       55,680

Biomedical Engineers     1,08,290

Boilermakers     71,230

Broadcast News Analysts              73,660

Brokerage Clerks              48,850

Budget Analysts 75,010

Business and Financial Operations Occupations  72,420

Business Operations Specialists, All Other             69,870

Business Teachers, Postsecondary           90,540

Buyers and Purchasing Agents, Farm Products     62,290

Camera and Photographic Equipment Repairers 41,910

Captains, Mates, and Pilots of Water Vessels       67,220

Cardiovascular Technologists and Technicians     65,850

Career/Technical Education Teachers, Middle School       61,970

Career/Technical Education Teachers, Secondary School 64,740

Cargo and Freight Agents             45,820

Cartographers and Photogrammetrists   69,020

Chefs and Head Cooks   48,290

Chemical Engineers         86,360

Chemical Equipment Operators and Tenders       41,520

Chemical Plant and System Operators    48,830

Chemical Technicians     53,650

Chemistry Teachers, Postsecondary        88,390

Chemists             85,030

Child, Family, and School Social Workers                54,310

Chiropractors     79,250

Civil Engineers   87,310

Claims Adjusters, Examiners, and Investigators   62,230

Clinical, Counseling, and School Psychologists     82,130

Coil Winders, Tapers, and Finishers          33,490

Commercial and Industrial Designers       63,710

Commercial Pilots            83,220

Communications Equipment Operators, All Other              40,600

Communications Teachers, Postsecondary           66,990

Community and Social Service Occupations          47,550

Community Health Workers        40,340

Compensation and Benefits Managers   1,44,350

Compensation, Benefits, and Job Analysis Specialists        75,350

Compliance Officers        74,970

Computer and Information Research Scientists   1,17,200

Computer and Information Systems Managers   1,40,920

Computer and Mathematical Occupations            86,710

Computer Hardware Engineers  1,12,250

Computer Network Architects    1,07,860

Computer Network Support Specialists  60,200

Computer Occupations, All Other              77,570

Computer Programmers               89,440

Computer Science Teachers, Postsecondary        96,020

Computer Systems Analysts        91,230

Computer User Support Specialists           55,520

Conservation Scientists 65,820

Construction and Building Inspectors      69,070

Construction Managers 93,290

Continuous Mining Machine Operators  42,760

Control and Valve Installers and Repairers, Except Mechanical Door          68,400

Conveyor Operators and Tenders             35,100

Cost Estimators 65,650

Crane and Tower Operators        59,680

Credit Analysts  82,060

Credit Counselors            49,650

Criminal Justice and Law Enforcement Teachers, Postsecondary 71,970

Curators               54,870

Database Administrators              88,410

Dental Hygienists             72,880

Derrick Operators, Oil and Gas   44,610

Detectives and Criminal Investigators     77,660

Diagnostic Medical Sonographers             78,560

Dietitians and Nutritionists          61,440

Directors, Religious Activities and Education         50,210

Drafters, All Other           53,330

Economics Teachers, Postsecondary       1,09,480

Economists         72,810

Editors  55,220

Education Administrators, All Other         79,860

Education Administrators, Elementary and Secondary School       1,02,010

Education Administrators, Postsecondary             91,970

Education Administrators, Preschool and Childcare Center/Program         57,390

Education Teachers, Postsecondary         65,050

Education, Training, and Library Occupations       55,000

Educational, Guidance, School, and Vocational Counselors            56,310

Electric Motor, Power Tool, and Related Repairers            40,360

Electrical and Electronics Drafters             58,770

Electrical and Electronics Engineering Technicians             62,450

Electrical and Electronics Installers and Repairers, Transportation Equipment       61,260

Electrical and Electronics Repairers, Commercial and Industrial Equipment            63,410

Electrical and Electronics Repairers, Powerhouse, Substation, and Relay  78,680

Electrical Engineers         94,390

Electrical Power-Line Installers and Repairers      79,120

Electricians          67,500

Electro-Mechanical Technicians 56,450

Electronics Engineers, Except Computer 99,490

Elementary School Teachers, Except Special Education    63,490

Elevator Installers and Repairers               83,900

Embalmers         46,100

Emergency Management Directors          87,050

Engineering Technicians, Except Drafters, All Other           57,360

English Language and Literature Teachers, Postsecondary             66,090

Environmental Engineering Technicians  42,190

Environmental Engineers              87,360

Environmental Science and Protection Technicians, Including Health         49,460

Environmental Science Teachers, Postsecondary 90,710

Environmental Scientists and Specialists, Including Health              74,110

Epidemiologists 77,440

Executive Secretaries and Executive Administrative Assistants     56,010

Exercise Physiologists     58,990

Explosives Workers, Ordnance Handling Experts, and Blasters      58,320

Extruding, Forming, Pressing, and Compacting Machine Setters, Operators, and Tenders 38,740

Farm and Home Management Advisors 74,190

Film and Video Editors   50,190

Financial Analysts            91,420

Financial Clerks, All Other             38,860

Financial Examiners        89,040

Financial Managers         1,33,980

Financial Specialists, All Other    70,440

Fire Inspectors and Investigators               65,710

Firefighters         35,100

First-Line Supervisors of Construction Trades and Extraction Workers       73,810

First-Line Supervisors of Correctional Officers      76,370

First-Line Supervisors of Farming, Fishing, and Forestry Workers 60,690

First-Line Supervisors of Fire Fighting and Prevention Workers    71,570

First-Line Supervisors of Helpers, Laborers, and Material Movers, Hand   49,590

First-Line Supervisors of Landscaping, Lawn Service, and Groundskeeping Workers            51,310

First-Line Supervisors of Mechanics, Installers, and Repairers       66,430

First-Line Supervisors of Non-Retail Sales Workers            77,900

First-Line Supervisors of Office and Administrative Support Workers         60,960

First-Line Supervisors of Police and Detectives    87,970

First-Line Supervisors of Production and Operating Workers         62,830

First-Line Supervisors of Protective Service Workers, All Other     52,470

First-Line Supervisors of Transportation and Material-Moving Machine and Vehicle Operators      58,250

Fish and Game Wardens               46,110

Food Service Managers 56,800

Foreign Language and Literature Teachers, Postsecondary            68,890

Forensic Science Technicians       59,640

Forest and Conservation Technicians       42,970

Foresters             63,990

Forestry and Conservation Science Teachers, Postsecondary        90,080

Fundraisers        59,900

Funeral Service Managers            98,920

Gaming Supervisors        30,110

Gas Compressor and Gas Pumping Station Operators       56,220

Gas Plant Operators        67,370

General and Operations Managers           1,09,490

Geography Teachers, Postsecondary       80,130

Geological and Petroleum Technicians    54,390

Geoscientists, Except Hydrologists and Geographers        72,210

Health and Safety Engineers, Except Mining Safety Engineers and Inspectors        88,300

Health Diagnosing and Treating Practitioners, All Other   82,600

Health Educators              56,120

Health Specialties Teachers, Postsecondary         82,450

Health Technologists and Technicians, All Other 54,160

Healthcare Practitioners and Technical Occupations         86,270

Healthcare Social Workers           58,530

Hearing Aid Specialists   55,690

Historians            62,210

History Teachers, Postsecondary              85,040

Hoist and Winch Operators         80,660

Home Economics Teachers, Postsecondary          71,470

Human Resources Managers      1,21,530

Human Resources Specialists      64,140

Industrial Engineering Technicians            53,110

Industrial Engineers        90,580

Industrial Machinery Mechanics 54,180

Industrial Production Managers 1,10,490

Information and Record Clerks, All Other               43,110

Information Security Analysts     95,930

Installation, Maintenance, and Repair Occupations           49,750

Instructional Coordinators           65,320

Insurance Appraisers, Auto Damage        62,970

Insurance Sales Agents  82,760

Insurance Underwriters 66,930

Interior Designers            61,130

Judges, Magistrate Judges, and Magistrates         1,35,740

Kindergarten Teachers, Except Special Education               58,790

Labor Relations Specialists           69,170

Landscape Architects      69,200

Lawyers               1,24,230

Layout Workers, Metal and Plastic            49,700

Legal Occupations            97,570

Legal Support Workers, All Other              57,980

Librarians             62,790

Library Science Teachers, Postsecondary               72,520

Life Scientists, All Other 71,130

Life, Physical, and Social Science Occupations      71,500

Loading Machine Operators, Underground Mining            41,270

Loan Officers     78,040

Locomotive Engineers    66,150

Logging Workers, All Other          41,940

Logisticians         74,280

Magnetic Resonance Imaging Technologists         76,530

Management Analysts   83,560

Managers, All Other        1,26,600

Marine Engineers and Naval Architects   57,230

Market Research Analysts and Marketing Specialists         70,940

Marketing Managers      1,40,350

Marriage and Family Therapists 52,070

Materials Engineers        98,090

Mathematical Science Teachers, Postsecondary 71,370

Mechanical Drafters       58,680

Mechanical Engineering Technicians        56,050

Mechanical Engineers    83,940

Media and Communication Equipment Workers, All Other            47,300

Medical and Clinical Laboratory Technologists     65,770

Medical and Health Services Managers  1,08,280

Medical Equipment Repairers     63,230

Meeting, Convention, and Event Planners             54,500

Mental Health Counselors            46,580

Metal-Refining Furnace Operators and Tenders  43,310

Middle School Teachers, Except Special and Career/Technical Education 64,780

Millwrights          49,300

Mine Cutting and Channeling Machine Operators              46,410

Mine Shuttle Car Operators         53,150

Mining and Geological Engineers, Including Mining Safety Engineers         95,550

Mining Machine Operators, All Other      51,740

Mixing and Blending Machine Setters, Operators, and Tenders    38,940

Mobile Heavy Equipment Mechanics, Except Engines       56,690

Model Makers, Metal and Plastic               40,210

Morticians, Undertakers, and Funeral Directors  62,060

Multimedia Artists and Animators            58,020

Music Directors and Composers 84,860

Natural Sciences Managers          1,18,520

Network and Computer Systems Administrators 85,560

Nuclear Engineers           1,10,620

Nuclear Medicine Technologists 83,110

Nuclear Technicians        59,630

Nurse Practitioners         1,16,150

Nursing Instructors and Teachers, Postsecondary              69,470

Occupational Health and Safety Specialists           78,470

Occupational Health and Safety Technicians         53,780

Occupational Therapists                73,680

Occupational Therapy Assistants               48,210

Operations Research Analysts    90,570

Optometrists     1,27,590

Orthotists and Prosthetists          72,880

Painters, Transportation Equipment        55,980

Paper Goods Machine Setters, Operators, and Tenders   40,880

Paralegals and Legal Assistants  56,510

Patternmakers, Metal and Plastic              46,310

Personal Financial Advisors          1,09,250

Petroleum Pump System Operators, Refinery Operators, and Gaugers     60,720

Pharmacists        1,26,840

Philosophy and Religion Teachers, Postsecondary             74,090

Physical Therapist Assistants       53,350

Physical Therapists          81,860

Physician Assistants        1,12,460

Physicists             1,34,710

Physics Teachers, Postsecondary              85,870

Plant and System Operators, All Other    63,770

Plumbers, Pipefitters, and Steamfitters  71,020

Podiatrists           1,86,950

Police and Sheriff's Patrol Officers            64,700

Political Science Teachers, Postsecondary             1,02,230

Postal Service Clerks       47,350

Postal Service Mail Carriers          49,570

Postal Service Mail Sorters, Processors, and Processing Machine Operators           49,190

Postmasters and Mail Superintendents  73,270

Power Distributors and Dispatchers         92,440

Power Plant Operators  78,360

Precision Instrument and Equipment Repairers, All Other              57,600

Private Detectives and Investigators        51,840

Probation Officers and Correctional Treatment Specialists             63,380

Producers and Directors                68,290

Production, Planning, and Expediting Clerks         49,410

Property, Real Estate, and Community Association Managers       64,290

Psychologists, All Other 86,420

Psychology Teachers, Postsecondary      72,570

Public Relations and Fundraising Managers          1,21,010

Public Relations Specialists           60,500

Pump Operators, Except Wellhead Pumpers        47,570

Purchasing Agents, Except Wholesale, Retail, and Farm Products 61,760

Purchasing Managers     1,16,310

Radiation Therapists       80,510

Radio, Cellular, and Tower Equipment Installers and Repairers     65,380

Radiologic Technologists               65,050

Rail Yard Engineers, Dinkey Operators, and Hostlers         54,860

Railroad Conductors and Yardmasters     66,620

Rail-Track Laying and Maintenance Equipment Operators              48,440

Real Estate Brokers         66,270

Real Estate Sales Agents               48,250

Recreation and Fitness Studies Teachers, Postsecondary 63,760

Recreational Vehicle Service Technicians               37,600

Refractory Materials Repairers, Except Brickmasons         47,440

tered Nurses           77,540

Reinforcing Iron and Rebar Workers        64,470

Respiratory Therapists   67,460

Rolling Machine Setters, Operators, and Tenders, Metal and Plastic           39,480

Roof Bolters, Mining       54,150

Rotary Drill Operators, Oil and Gas           56,660

Sales Engineers 1,01,950

Sales Managers 1,36,930

Sales Representatives, Services, All Other              63,470

Sales Representatives, Wholesale and Manufacturing, Except Technical and Scientific Products    75,270

Sales Representatives, Wholesale and Manufacturing, Technical and Scientific Products  1,13,360

Secondary School Teachers, Except Special and Career/Technical Education           65,200

Securities, Commodities, and Financial Services Sales Agents        95,750

Service Unit Operators, Oil, Gas, and Mining        48,010

Set and Exhibit Designers             50,170

Ship Engineers  1,03,040

Signal and Track Switch Repairers             40,520

Social and Community Service Managers               77,700

Social Scientists and Related Workers, All Other 76,810

Social Work Teachers, Postsecondary     66,060

Social Workers, All Other              56,280

Sociology Teachers, Postsecondary          84,210

Software Developers, Applications           93,280

Software Developers, Systems Software 1,11,340

Soil and Plant Scientists 70,780

Sound Engineering Technicians  44,310

Special Education Teachers, All Other      69,770

Special Education Teachers, Kindergarten and Elementary School               63,330

Special Education Teachers, Middle School           65,200

Special Education Teachers, Secondary School    63,370

Speech-Language Pathologists   74,180

Stationary Engineers and Boiler Operators            57,420

Statisticians        94,640

Surveyors            67,560

Tank Car, Truck, and Ship Loaders             46,730

Tax Examiners and Collectors, and Revenue Agents          63,730

Technical Writers             67,260

Telecommunications Equipment Installers and Repairers, Except Line Installers    61,410

Tire Builders       42,500

Tool and Die Makers       57,790

Training and Development Managers     1,13,080

Training and Development Specialists     64,490

Transportation Inspectors            92,970

Transportation, Storage, and Distribution Managers         1,03,970

Urban and Regional Planners      70,850

Veterinarians     91,980

Water and Wastewater Treatment Plant and System Operators  51,720

Web Developers              75,970

Wholesale and Retail Buyers, Except Farm Products         59,080

Writers and Authors       65,180

Zoologists and Wildlife Biologists               60,060

 

1.            Discuss the importance of constructing confidence intervals for the population mean by answering these questions.

a.            What are confidence intervals?

b.            What is a point estimate?

c.             What is the best point estimate for the population mean? Explain.

d.            Why do we need confidence intervals?

2.            Using the data from the 'Data' tab in this workbook, construct a 95% confidence interval for the population mean. Assume that your data is normally distributed and σ is unknown. Include a statement that correctly interprets the confidence interval in context of the scenario.

3.            Using the data from the 'Data' tab in this workbook, construct a 99% confidence interval for the population mean. Assume that your data is normally distributed and σ is unknown. Include a statement that correctly interprets the confidence interval in context of the scenario.

4.            Compare your answers for Question 2 and 3.  Notice that the 99% confidence interval is wider.

a.            What is the advantage of using a wider confidence interval?

b.            Why would you not always use the 99% confidence interval? Explain with an example.

5.  We want to estimate the mean salary in Minnesota.

a. How many jobs must be randomly selected for their respective mean salaries if we want 95% confidence that the sample mean is within $125 of the population mean and σ = $1200.

b. Is the current sample size of 364 in the data set in our Excel workbook large enough? Explain.