A student is assessing risk of pickpocket over a month (30 days). The amount of money he carries on his wallet randomly varies day to day. However, he observed that in general, on 10 days he carries average 3000 Taka (b) on another random 10 days 1500 Taka and (c) on the rest of 10 day’s average 900 Taka. What is his risk throughout the month? Assume that (i) the probability of a pick pocket on any random day is 1/300 (ii) the thief shows no empathy and never leaves behind any money. :-(

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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.