An entrepreneur has developed a new GPS device that can help people find their lost personal items in their homes or outside. The entrepreneur is interested in demonstrating the ability of the device to locate lost items. Which of the following claims would be appropriate for this situation? Select only one answer choice. Select the correct answer below:   80% of people who come across the device will want to buy it.   The device is nearly perfectly accurate in locating lost personal items when used according to the directions.   The device can locate 99% of lost personal items when used according to the directions.   The device is better in locating lost personal items than any other device in the market.

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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.