Best writers. Best papers. Let professionals take care of your academic papers

Order a similar paper and get 15% discount on your first order with us
Use the following coupon "FIRST15"
ORDER NOW

Confidence Intervals

Instructions

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 $30,000 to $200,000 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 $30,000 to $200,000 for the state of Minnesota.

 

What to Submit

Your boss wants you to submit the spreadsheet with the completed calculations, answers, and analysis. All math problems must be done using excel functions. 

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

Confidence Intervals

Given a real-life application, develop a confidence interval for a population parameter and its interpretation.

Instructions

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 $30,000 to $200,000 per year. As a Business Analyst, your boss asks you to research and analyze the salary distributions. You are given a spreadsheet 

Click for more options

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 jobs titles with yearly salaries ranging from approximately $30,000 to $200,000 for the state of Minnesota.

What to Submit

Your boss wants you to submit the spreadsheet with the completed calculations, answers, and analysis. You must enter the equations in excel.

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

Confidence Intervals

Confidence Intervals

1 Required Resources Read/review the following resources for this activity: • Textbook: Chapter 8 • Lesson • Minimum of 1 scholarly source In your reference for this assignment, be sure to include both your text/class materials AND your outside reading(s). Confidence Intervals In everyday terms, a confidence interval is the range of values around a sample statistic (such as mean or proportion) within which clinicians can expect to get the same results if they repeat the study protocol or intervention, including measuring the same outcomes the same ways. As you ask yourself, “Will I get the same results if I use this research?”, you must address the precision of study findings, which is determined by the Confidence Interval. If the CI around the sample statistic is narrow, you can be confident you will get close to the same results if you implement the same research in your practice. Consider the following example. Suppose that you did a systematic review of studies on the effect of tai chi exercise on sleep quality, and you found that tai chi affected sleep quality in older people. If, according to your study, you found the lower boundary of the CI to be .49, the study statistic to be 0.87, and the upper boundary to be 1.25, this would mean that each end limit is 0.38 from the sample statistic, which is a relatively narrow CI. (UB + LB)/2 = Statistic [(1.25 + .49)/2 = .87] Keep in mind that a mean difference of 0 indicates there is no difference; this CI does not contain 0. Therefore, the sample statistic is statistically significant and unlikely to occur by chance. Because this was a systematic review, and tai chi exercise has been established from the studies you assessed as helping people sleep, based on the sample statistics and the CI, clinicians could now use your study and confidently include tai chi exercises among possible recommendations for patients who have difficulty sleeping. Now you can apply your knowledge of CIs to create your own studies and make wise decisions about whether to base your patient care on a particular research finding. Initial Post Instructions Thinking of the many variables tracked by hospitals and doctors’ offices, confidence intervals could be created for population parameters (such as means or proportions) that were calculated from many of them. Choose a topic of study that is tracked (or you would like to see tracked) from your place of work. Discuss the variable and parameter (mean or proportion) you chose, and explain why you would these to create an interval that captures the true value of the parameter of patients with 95% confidence. Consider the following: How would changing the confidence interval to 90% or 99% affect the study? Which of these values (90%, 95%, or 99%) would best suit the confidence level according to the type of study chosen? How might the study findings be presented to those in charge in an attempt to affect change at the workplace? Writing Requirement

Click here to request for this assignment help

The post Confidence Intervals appeared first on This Assignment Help.

 
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"