What is the best point estimate for the population mean? Explain.What are the measures of variation and why are they important?

Final Course Project- Written Portion
Welcome to the final project.
⦁ Introduce your scenario and data set.
⦁ Provide a brief overview of the scenario you are given above and the data set that you will be analyzing.
⦁ Classify the variables in your data set.
⦁ Which variables are quantitative/qualitative?
⦁ Which variables are discrete/continuous?
⦁ Describe the level of measurement for each variable included in your data set.
⦁ Discuss the importance of the Measures of Center and the Measures of Variation.
⦁ What are the measures of center and why are they important?
⦁ What are the measures of variation and why are they important?
⦁ Calculate the measures of center and measures of variation. Interpret your results in context of the selected topic.
⦁ Mean
⦁ Median
⦁ Mode
⦁ Midrange
⦁ Range
⦁ Variance
⦁ Standard Deviation
⦁ Discuss the importance of constructing confidence intervals for the population mean.
⦁ What are confidence intervals?
⦁ What is a point estimate?
⦁ What is the best point estimate for the population mean? Explain.
⦁ Why do we need confidence intervals?
⦁ Based on your selected topic, evaluate the following:
⦁ Find the best point estimate of the population mean.
⦁ Construct a 95% confidence interval for the population mean. Assume that your data is normally distributed and σ is unknown.
⦁ Please show your work for the construction of this confidence interval and be sure to use the Equation Editor to format your equations.