The daily revenue at a university snack bar has been recorded for the past five years. Records indicate that the mean daily revenue is $1200 and the standard deviation is $400. The distribution is skewed to the right due to several high volume days (football game days). Suppose that 100 days are randomly selected and the average daily revenue computed. Which of the following describes the sampling distribution of the sample? skewed to the right with a mean of $1200 and a standard deviation of $400 normally distributed with a mean of $1200 and a standard deviation of $40 normally distributed with a mean of $1200 and a standard deviation of $400 normally distributed with a mean of $120 and a standard deviation of $40

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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.