938 ate that the contdence and significance are areas under the normal curve whi

Question

938 ate that the contdence and significance are areas under the normal curve while the Z- score is a corresponding horizontal-axis value.) a/2-0025 a/2-0025 196 PROBLEM STATEMENT Given a random set of 35 data points that are normally distributed (provided in the Excel Document on MyCourses), develop a confidence interval and prediction interval at 90% Does the mean fall within the confidence interval? How many of the data points fall within the prediction interval? Note that for a prediction interval, the same formula is used for a confidence interval except that the last term has no vn in the denominator. This overall term is referred to as the standard etror for a confide . nce interval and the prediction error for a prediction interval. work using Microsoft Excel. Use the functions AVERAGE, STDDEV S, and NORMINY Used to find the Z-score, the normal inverse (i.e, normal curve sampling) function arguments for Microsoft Excel are as follows: NORM INV( find Z-score, set the mean and std dev to the values fo a standard normal distribution The probablity is listed as the 2-tail confidence . (probability, mean, std dev) To

Explanation / Answer

N Observation Item Value 1 463.6029881 Sample Mean 452.9151 2 482.215424 Sample Sd 21.36492 3 443.0488933 Z Score 488.0573 4 448.2824402 Standard Error 6.106487 5 450.3646171 Prediction Error 36.12647 6 460.4830535 7 429.0935256 90% Confidence Interval for the population Mean 8 456.7189313 Lower Bound 446.8086 9 420.0052267 Upper Bound 459.0216 10 465.3403367 Is the sample mean in this interval? Yes 11 467.0777949 12 414.989996 90% Prediction Interval for the population Mean 13 489.9466336 Lower Bound 416.7886 14 492.3607157 Upper Bound 489.0416 15 431.1375215 How many observation are in this interval 31 16 458.9351084 17 435.1609788 18 448.855532 19 432.3128733 20 441.9762168 21 422.0161536 22 468.50614 23 452.0925141 24 471.7424718 25 451.6533294 26 508.6162517 27 459.4517671 28 434.3716353 29 418.9744168 30 443.4149461 31 462.9866447 32 466.1305531 33 457.0403721 34 453.7611988 35 449.3611974

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