What is the difference between confidence interval and margin of error?
An example of an AI chatbot conversation about confidence intervals and margin of error.
What is the difference between confidence interval and margin of error?
A confidence interval is a range of values that estimates a population parameter, while the margin of error indicates the range of uncertainty around that estimate.
Can you give me an example of how they are used in statistics?
Sure! If a survey shows that 60% of people prefer product A, with a 95% confidence interval of 55% to 65%, the margin of error is 5%.
How do I calculate the margin of error?
The margin of error can be calculated using the formula: ME = Z * (σ/√n), where Z is the Z-score, σ is the standard deviation, and n is the sample size.
What factors affect the width of a confidence interval?
The width of a confidence interval is affected by the sample size, the variability in the data, and the confidence level chosen.
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