Consider the following data related to the number of units that 6 sales representatives have sold during the last month. 50, 60, 65, 70, 75, 80 a. Calculate mean (u) and standard deviation (o). b. Draw all possible samples of size 2 with replacement and compute Hi&o; . c. For the answers to part (b), verify that = u &o; = d. Draw the dot plot for the sample means obtained in part (b) and makes comment.

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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.