.  Midland is a successful nursery, is considering several expansion projects. All the alternatives promise to produce an acceptable return. Data on four possible projects follow.   Project Expected return Range Standard deviation                 A    12.0% 4.0% 2.9%   B 12.5 5.0 3.2     C 13.0 6.0 3.5     D 12.8 4.5 3.0                     Which project is least risky, judging based on range?   Which project has the lowest standard deviation? Explain why standard deviation an entirely appropriate measure of risk for purposes of this comparison may not be.   Calculate the coefficient of variation for each project. Which project do you think Greengage’s owners should choose? Explain why.

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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.