A waiter believes the distribution of his tips has a model that is slightly skewed to the right​, with a mean of $9.30 and a standard deviation of $6.80. He usually waits on about 40 parties over a weekend of work.   ​a) Estimate the probability that he will earn at least $400   ​b) How much does he earn on the best 5% of such​ weekends?   P(tips from 40 partiesgreater than $400​)=

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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.