n 2016, the Graduate Management Admission Council reported that the variance in GMAT scores was 14,660. At a recent summit, a group of economics professors met to discuss the GMAT performance of undergraduate students majoring in economics. Some expected the variability in GMAT scores achieved by undergraduate economics students to be greater than the variability in GMAT scores of the general population of GMAT takers. However, others took the opposite view. The file EconGMAT contains GMAT scores for 51 randomly selected undergraduate students majoring in economics. GMAT Score 345 766 663 453 453 462 550 572 481 628 702 607 617 392 794 526 666 749 336 451 711 330 586 576 629 574 532 640 510 575 512 690 329 377 427 777 786 544 718 658 772 591 510 411 686 509 546 572 581 451 720

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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.