The yield stress of A36 steel is to be modeled as a lognormal random variable with a mean value of 36 ksi and a COV of 10% (1 ksi = 6.895 MPa). A. Plot the PDF and CDF on standard graph paper. B. Plot the CDF on normal probability paper. C. Determine the probability that the yield stress is greater than 40 ksi.

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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.