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Pallets and Insurance Claims: Confidence Intervals

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Refer to the Excel file Pallet (attached to the assignment) to address all the questions below:

The file contains the weight in pounds from a sample of 368 pallets of Boston shingles and 330 pallets of Vermont shingles.
1.For the Boston shingles, construct a 95% confidence interval for the mean weight.
2.For the Vermont shingles, construct a 95% confidence interval estimate for the mean weight.
3.Do you think the assumptions needed to construct the confidence interval estimates in 1 and 2 are valid?
4.Based on the results of 1 and 2, what conclusions can you reach concerning the mean weight of the Boston and Vermont Shingles?

Refer to the Excel file Insurance Claims for the assignment below:

The files contains data for 90 randomly selected auto injury claims.
1.Construct a 95% confidence interval for the population proportion of all auto injury files that have exaggerated loss amounts.
2.Construct a 95% confidence interval for the population mean dollar excess payment amount.

Also answer this question: When describing confidence intervals on a mean, z- and t-intervals are frequently mentioned. How are z and t confidence intervals different? Choose one interval and provide an example of how it could be applied in a workplace.

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Solution Summary

Two confidence interval questions are addressed using the pallet and insurance claim examples.

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