Confidence interval

Confidence interval
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

 
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