Ashik is planning to propose to a girl he has a crush on in a grand way. He has  decided to create an animation movie, conveying his love to his crush and he  needs to estimate the total production time (labor-hours necessary) to  produce the movie. Since he is so rich, he wants to use multiple big screens  to project the movie and the mean production time for a random sample of  14 big-screen animated movie is found to be 53,500 labor-hours. Suppose  that Ashik has managed to find out that the population standard deviation is  7462 labor-hours and the distribution of the production time is normal. 10  Construct a 98% confidence interval for the mean production time to  produce a big-screen animated movie

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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.