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

 

 

 

 

 

 

 

 

b.

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