Mariela runs a small side business making fleece vests for dogs (so cute!). Using data from past years, she estimates the amount she’ll sell in any given month is Normally distributed with a mean of $470 and a standard deviation of $58. The monthly cost of buying materials is also Normally distributed, with a mean of $300 and a standard deviation of $45. What is the probability that Mariela makes a profit of at least $250 in a random month?

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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.