While statistics are not available for web entrepreneurs who fail, the venture capitalists that finance such Internet start-up companies have a rule of thumb. For every 10 ventures that receive financing—and there are plenty that do not—2 will be stock market successes, which means spectacular profits for early investors; 3 will be sold to other concerns, which translates into more modest profits; and the rest will fail. (a) What is a sample space for the scenario? S = {Stock market success, Sold to other concerns, Fail} S = {Web entrepreneurs, Venture capitalists, Ventures}     S = {10, 2, 3} S = {2, 3, the rest} S = {Web entrepreneurs, Venture capitalists, Internet start-up companies}

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A: n = 80 sample proportion = 11/80 =0.1375population proportion = 0.3

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.