Franchise Profits. According to Franchise Business Review, over 50% of all food franchises earn a profit of less than $50,000 a year. In a sample of 142 casual dining restaurants, 81 earned a profit of less than $50,000 last year. What is the point estimate of the proportion of casual dining restaurants that earned a profit of less than $50,000 last year? Answer   Determine the margin of error and provide a 95% confidence interval for the proportion of casual dining restaurants that earned a profit of less than $50,000 last year. Answer   How large a sample is needed if the desired margin of error is .03? Answer

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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.