When parking a car in a downtown parking lot, drivers pay according to the number of hours or fraction thereof. The probability distribution of the number of hours cars are parked has been estimated as follows: 4 5 6. 7 8 P(X) 0.232 0.102 0.113 0.079 0.059 0.04 0.032 0.343 A. Mean = 4.594 B. Standard Deviation = ..- %3D The cost of parking is 4.25 dollars per hour. Calculate the mean and standard deviation of the amount of revenue each car generates. A. Mean = 867 -.. B. Standard Deviation %D

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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.