A large public university in California is worried about covid cases for this coming fall semester. They decide to partner with lab to conduct covid testing regularly and see if they can detect positive cases. The lab guarantees a correct test result with high probability. If the University tests 50,000 students, the lab operates using =.03 as their level of specificity, the lab misses no positive cases and the true number of covid cases among the students is 500, what is the likelihood of a student actually having covid if they test positive? Please answer using decimals (i.e. 1% would enter as .01)

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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.