An auditor detects that a certain firm is regularly overstating the dollar amounts of inventories because of delays in recording withdrawals. The auditor wants to estimate the total overstated amount on 1000 listed items by obtaining exact (audited) inventory amounts on a random sample of 15 items and comparing these exact figures with the recorded amounts. The data for the sampled items are available in electronic Section 4.0 (all data in dollars). Estimate the total overstated amount on the 1000 types of items and place a bound on the error of estimation. (Ignore the fpc.) Item number Audited amount Recovered Amount Overstatement (Difference) 1 175 210 35 2 295 305 10 3 68 91 23 4 74 82 8 5 128 140 12 6 241 250 9 7 362 384 22 8 72 80 8 9 59 82 23 10 112 140 28 11 118 124 6 12 210 230 20 13 240 260 20 14 123 247 24 15 96 108 12

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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.