Application
Now that you have completed all of the activities in this chapter, use the concepts and techniques that you've learned to respond to these questions.
Scenario: We'll continue our analysis of the pipeline disruption data. The columns PRPTY and GASPRP contain the dollar value of property and natural gas lost as a consequence of the disruption.
Do each of these columns satisfy the conditions for statistical inference? Explain.
Report and interpret a 95% confidence interval for the mean property value costs of a pipeline disruption.
Now construct and interpret a 90% confidence interval for the same parameter.
In a sentence or two, explain what happens when we lower the confidence level.
Construct and interpret a 99% confidence for the dollar ...
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