A time study of an employee assembling peanut valves resulted in the following set of observations. What is the standard time, given a performance rating of 95 percent and an allowance of 20 percent of the total normal time? Average Time (seconds) Observations 15 14 20 12 25 15

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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.