In a recent poll six hundred adults were asked a series of questions about the state ofthe economy and their children’s future. One question was, “do you expect your children to have a better life than you have had, a worse life, or a life about the same asyours?” The responses showed 242 better, 310 worse, and 48 about the same. Use thesign test and a =.05 to determine whether there is a difference between the number ofadults who feel their children will have a better life compared to a worse life. What isyour conclusion?

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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.