A business school has a goal that the average number of years of work experience for MBA applicants is 3 years. In reviewing last year's applicants, the school found that the average number of years of work experience was 2.57 with a standard deviation of 3.67 using a sample of 47 applicants. The school is concerned that the average number of years of work experience is decreasing. Identify the null and alternative hypotheses, conduct the appropriate statistical test, and explain the results to the MBA admissions office. Assume a 99% confidence level. Check the result using interval estimate testing.   Give step by step calculations

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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.