management of a health insurance company wants to know the percentage of its policyholders who have tried alternative treatments (such as acupuncture, herbal therapy, etc.). A random sample of 24 of the company's policyholders were asked whether or not they have ever tried such treatments. The following are their responses. Yes No No Yes No Yes No No No Yes No No Yes No Yes No No No Yes No No No Yes No Round to 5 decimals. (a) What is the point estimate of the corresponding population proportion? (b) Construct a 99% confidence interval for the percentage of this company's policyholders who have tried alternative treatments.

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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.