The EAI data has information on the annual incomes of managers and whether they have attended the training program or not. This data comprise all the 2500 managers that work for this organization. Using this information, address the following questions:
Determine the sample size to take from this population at a 95 % level of confidence with a margin of error of $500. Assume that your sampling distribution of the mean is approximately normally distributed.
Using your sample size from (a), take a representative sample and compare your sample statistics to the population parameters.
Construct a 99 % confidence interval estimation of the mean.
Construct a 95% confidence interval estimation of the proportion.
If the population mean is $51,800, does it fall within your 99% confidence interval estimation of the mean?
If the population proportion is 0.6, does it fall within your interval estimate of the proportion?
Provide a descriptive analysis of your sample and compare it with the population parameters.
What descriptive assessment can you make about the training program?