Acceptance sampling is a statistical method used to monitor the quality of purchased parts and components. To ensure the quality of incoming parts, a purchaser or manufacturer normally samples 20 parts and allows one defect.   a. What is the likelihood of accepting a lot that is 1% defective? (Round your answer to 4 decimal places.)           b. If the quality of the incoming lot was actually 2% defective, what is the likelihood of accepting it? (Round your answer to 4 decimal places.)           c. If the quality of the incoming lot was actually 5% defective, what is the likelihood of accepting it? (Round your answer to 4 decimal places.)

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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.