b. The weekly amount spent for maintenance and repairs in a certain company was observed, over a long period of time, to be approximately normally distributed with a mean of $400 and a standard deviation of $20. If $450 is budgeted for the week, what is the probability that the actual costs will exceed the budgeted amount? • How much should be budgeted for weekly repairs and maintenance in order for the budgeted amount is exceeded with a probability of 0.1?

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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.