Testing the Proportion of a Population You're recently promoted as manager of the ALL electronics store. Your task is to derive the average weekly unpaid number of accounts from the previous average of 17.2. After you worked in 1 quarter period, a random sample of 64 weeks (n) showed the mean number of unpaid accounts was 16.2 and a standard deviation of 5.5. Calculate a 95% confidence interval for the “Many Unpaid Accounts” Average based on the most recent sample data! At the 5% significance level, what can you conclude about the success of your assignment?

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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.