In 2017, a website reported that only 10% of surplus food is being recovered in the food-service and restaurant sector, leaving approximately 1.5 billion meals per year uneaten. Assume this is the true population proportion and that you plan to take a sample survey of 545 companies in the foodservice and restaurant sector to further investigate their behavior. (b) What is the probability that your survey will provide a sample proportion within ±0.03 of the population proportion? (Round your answer to four 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.