Math Problem Statement
Given: A random sample of 50 commuter students was taken to analyze how long it took them to drive to Babson on any given day. Descriptive Statistics N Mean StDev SE Mean 95% CI for μ 50 ??.?? 29.18 4.## (36.93, 53.51) Write out the 95% confidence interval for commute times. Then skip a line and write out a managerial conclusion in 30 words or less.
Solution
The 95% confidence interval for the average commute time is (36.93, 53.51) minutes.
Managerial Conclusion:
The average commute time for commuter students is estimated to fall between 36.93 and 53.51 minutes with 95% confidence, which can help in planning scheduling and resource allocation.
Would you like further details on how to interpret the statistics?
Here are some related questions:
- How do you calculate the margin of error for the confidence interval?
- What does the standard deviation represent in this context?
- What assumptions are made when constructing a confidence interval?
- How does the sample size affect the precision of the confidence interval?
- What is the difference between standard deviation and standard error?
Tip: Remember, the wider the confidence interval, the less precise the estimate of the population mean.
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Math Problem Analysis
Mathematical Concepts
Descriptive Statistics
Confidence Interval
Sample Mean
Standard Deviation
Margin of Error
Formulas
Confidence Interval for Mean: μ ± Z * (σ/√n)
Theorems
Central Limit Theorem
Confidence Interval Theorem
Suitable Grade Level
Grades 11-12
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