The national sales manager for "I colored this" (ICT) T-shirts provides all salespersons with the payoff table shown next, giving the estimated profit when a retailer purchases from one to four dozen T-shirts. The probability of demand for each state of nature is also shown. PAYOFF TABLE Future Demands 2 3 4 Probabilities of demands 0.2 0.4 0.3 0.1 Purchase Quantities+ Demand + 2 3 1 120 120 120 120 240 240 240 3 -120 120 360 360 4 |-240 240 480

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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.