A simple random sample of 31 observations was taken from a large population that has a mean of 4.9 and a standard deviation oF1.D2. From the sample, the average was calculated to be 5.3 and the standard deviation was computed as 1.11. The number 5.3 in this scenario is a Cl population parameter. Q standard error. O statistic or point estimate. CI population mean. C) sample standard deviation. The purpose of statistical inference is to make estimates or draw conclusions about a O population based upon information obtained from the sample. O mean of the sample based upon the mean of the population. O point estimate based upon information obtained from the population. O sample based upon information obtained from the population. O statistic based upon information obtained from the population.Which function in Excel helps facilitate taking a random sample? O Rand() O Sample() O Random.sample() O Random() O Sampling()A simple random sample of 5 months of sales data provided the following information: Month 1 2 3 4 5 Units Sold 78 92 85 92 98 Develop a point estimate of the population standard deviation. If required, round your answer to two decimal places.An information technology [IT] manager wants to estimate the average amount of time that employees in her organization spend reading, deleting or otherwise dealing with r\"spam" {unsolicited emaili on a daily basis. She randomly selects 4o employees and records the amount oF time they spend on spam throughout a given day. Assume that the true population oF time spent on spam is normal with a mean of 34 minutes and a standard deviation of 5 minutes. What is the standard deviation of the sample mean lie. the standard error]? Give your answer to 2 decimal places. (Note: In MindTap, a question like this asked for the sampling distribution, which as I explained, is incorrect.) Historically, a part's length has been normally distributed with a mean of 3.4 inches and a standard deviation of 0.14 inches. Suppose that we take samples of size 40 parts and find the sample mean of the length of the parts in the sample. What is the expected value of the sample mean? (Another way to think of this is that we repeat the sampling many, many times with the same sample size and each time we compute the sample average of the weight. Then we average all of those sample averages. What would the result be?) Give your answer to 1 decimal place.The basis for using a normal probabilityr distribution to approximate the sampling distribution of the sample means is C: the empirical rule. C] random sampling. O the central limit theorem. O the fact that almost all distributions are normal. C] the bell-shaped rule. A simple random sample of 5 months of sales data provided the following information (note that these numbers are likely different than the question above with the same scenario): Month 2 4 Units Sold 75 92 87 87 94 Develop a point estimate of the population mean. If required, round your answer to one decimal place.The estimated spread in sample means or averages is O the estimated standard error. O the sample standard deviation. O the (true) standard error. O the sample mean. O the population standard deviation