The article “Monte Carlo Simulation—Tool for Better Understanding of LRFD” (J. of Structural Engr., 1993: 1586–1599) suggests that yield strength (ksi) for A36 grade steel is normally distributed with mean = 43 and standard deviation = 4.5. (a) What is the probability that yield strength is greater than 58? (b) What yield strength value separates the strongest 75% from the others?

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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.