The National Association of Home Builders provided data on the cost of the most popular home remodeling projects. Sample data on cost in thousands of dollars for two types of remodeling projects are as follows. Excel File: data10-41.xlsx Kitchen Master Bedroom Kitchen Master Bedroom 25.2 17.4 22.8 21.9 18.0 23.0 17.8 22.9 19.7 16.9 24.6 21.0 26.4 24.8 21.8 19.7 26.9 23.6 a. Develop a two point estimate of the difference between the population mean remodeling costs for the two types of projects. Enter negative values as negative numbers. Point estimate -1600 (Report in dollars with no commas in your answer.) b. Develop a 90% confidence interval for the difference between the two population means. (to 1 decimal and enter negative values as negative numbers) 90% CI (n1, n2) -4.3, 1.1 in thousands of dollars.

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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.