Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The x column indicates the number of client contacts last month and the y column shows the value of sales ($ thousands) last month for each client sampled.     Number of Contacts, x Sales ($ thousands), y 14 24 12 14 20 28 16 30 46 80 23 30 48 90   a. Find the value of correlation coeffecient (r) :    b. What is the regression equation : =  +  x   c. Determine the estimated sales if 40 contacts are made.

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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.