The useful life of Johnson rods for use in a particular vehicle follows an exponential distribution with an average useful life of 5.2 years.You have a three-year warranty on your vehicle’s Johnson rod. What is the probability that the Johnson rod doesn’t fail before then? That is, what is the probability that its useful life doesn’t end before three years?b.If the vehicle manufacturer wants to limit the number of claims on the three-year warranty to 20%, what should the average useful life of the Johnson rod be?

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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.