00:01
It is given that a survey of 30 emergency room patients found that the average waiting time for treatment is 1 .74 .3 minutes and the population standard deviation is given as 46 .5 minutes.
00:20
We need to find best point estimate of the population mean and 99 % confidence interval of the population mean.
00:35
The best point estimate of the population mean is x bar.
00:40
From the given information, the value of the point estimate of the population mean is 174 .3.
00:49
Therefore, the best point estimate of the population mean is 174 .3.
00:57
The confidence interval of the population mean can be obtained using the formula x bar plus or minus z alpha by 2 sigma by root n.
01:10
Note that the confidence level here is 99 percentage.
01:15
Therefore the value of z alpha by 2 can be obtained using the excel formula is equal to norm dot s dot ilv 1 minus here alpha value is 1 % percent.
01:31
That is 0 .01 by 2.
01:35
Using this formula in excel, the value of z alpha by 2 is obtained as shown below...