A random sample of some business analysts was asked to predict if next year's economic growth rate would be higher than, lower than, about the same, or uncertain as that in the current year. Prediction Number Higher 45 Lower 26 About the same 25 uncertain 30 You are to test if the prediction of higher and lower are evenly divided. a. What is / are the parameter (s) of investigation? b. State the null and alternative hypotheses. Compute the statistic test. d. State the corresponding p - value. What is your conclusion for this test? C. e.

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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.