You own a company called Company X, which has monthly sales that are independent normal random variables with mean 100 and variance 10. Your rival company, called Company Y, has monthly sales that are independent normal random variables with mean 110 and variance 20. (a) Find the probability that your company, Company X, makes more than $307 this quarter (a quarter is 3 months). (b) What is the probability that your company makes more money than your rival company this 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.