Business Weekly conducted a survey of graduates from several top MBA programs. On the basis of the survey, assume the mean annual salary for graduates 10 years after graduation is $180,000. Assume the standard deviation is $44,000. Suppose you take a simple random sample of 18 graduates.   What is the standard deviation of distribution of XX?  What is the standard deviation of ¯¯¯XX¯?  For a single randomly selected graduate, find the probability that her salary is between $172,544 and $185,129.  For a simple random sample of 18 graduates, find the probability that the average salary is between $172,544 and $185,129.  For part d), is the assumption of normal necessary?

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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.