Toby's Trucking Company determined that on an annual basis, the distance traveled per truck is normally distributed, with a mean of 50,000 miles and a standard deviation of 12,000 miles. What proportion of trucks can be expected to travel between 38,000 and 62,000 miles in the year? What percentage of the trucks travel less than 35,000 miles in the year? What percentage of the trucks travel more than 57,000 miles in the year? How many miles will be traveled by at least (equal to and more than) 72% of the trucks? How should Toby’s Trucking Co. use these percentages and proportions to make decision for the company?

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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.