4. A random sample of the number of small businesses in various municipalities follows. Estimate the mean number of small business per municipalities with 95% confidence. 96 176 91 84 100 120 179 88 130 50 80 86 165 97 105 102 106 95 150 120 104 110 80 92 115 90 113 125 70 88 78 87 80 82 170 178 Solution:

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.