Confidence interval
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The data table below provides cost overruns (actual costs minus estimated costs) in thousands of dollars on similar-size engineering projects completed this year. Calculate the following:
a. A 95 percent confidence interval for the average overrun this process would deliver over a long time period, assuming it is stable.
a. A 99 percent confidence interval for the same average.
Explain why this is a different width than the 95 percent interval.
-16 | -480 | -222 |
-404 | -77 | -76 |
-397 | 221 | -427 |
113 | 93 | -268 |
-791 | 107 | -230 |
-165 | -272 | 287 |
-118 | 133 | -285 |
9 | 276 | -344 |
-651 | 36 | -394 |
383 | -298 | 161 |
b.
10 years ago
Discussion :Confidence level
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