A report states that the mean yearly salary offer for students graduating with a degree in accounting is $48,722. Suppose that a random sample of 50 accounting graduates at a large university who received job offers resulted in a mean offer of $49,870 and a standard deviation of $3900. Do the sample data provide strong support for the claim that the mean salary offer for accounting graduates of this university is higher than the national average of $48,722? H0H0: μ=μ= HaHa: μμ   α=α= P-value =

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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.