The mean number of imperfections in the weave of a certain textile is of four per square yard. a) Find the probability that a 3-square-yard sample will contain at least one imperfection. b) The cost of repairing the imperfections in the weave is $10 per imperfection. Find the mean and standard deviation of the repair costs for an 8-square-yard bolt of the textile in question.

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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.