Independent random samples of bachelor's and master's degree holders in statistics, whose initial job was with a major actuarial firm and who subsequently moved to an insurance company , were questioned. For a sample of 44 bachelor's degree holders, the mean number of months before the first job change was 35.02 and the sample standard deviation was 18.20. For a sample of 68 master's degree holds, the mean number of months before the first job change was 36.34 and the sample standard deviation was 18.94. (a) hypothesis test was performed for the hypotheses: Ho : o H1: oBachelors Bachelors Masters oMasters The resulting p-value was approximately 0.000 (zero). Assuming all the conditions for inference were met what is the appropriate conclusion for this hypothesis test at the 5% significance level? (b) Based on your answer to part (a), construct and interpret a 99% confidence interval for the difference in the population mean number of months before the first job for Master's degree holders versus Bachelor degree holders. (provide conditions/ assumptions, interval, and interpretation of the interval in the context of the problem)

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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.