ward Doering Auto Sales is considering offering a special service contract that will coverthe total cost of any service work required on leased vehicles. From experience, the company manager estimates that yearly service costs are approximately normally distributed,with a mean of $150 and a standard deviation of $25.a. If the company offers the service contract to customers for a yearly charge of $200, whatis the probability that any one customer’s service costs will exceed the contract price of$200?b. what is ward’s expected profit per service contract?

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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.