What are confidence intervals and margin of error?
An example of an AI chatbot conversation about confidence intervals and margin of error.
What are confidence intervals and margin of error?
Confidence intervals provide a range of values that likely contain the true population parameter. The margin of error indicates the extent of uncertainty around that estimate.
How do you calculate the margin of error?
The margin of error is 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.
Can you give me an example of how to use confidence intervals?
Sure! If a survey shows that 60% of respondents prefer product A, with a 95% confidence interval of ±5%, we can say we are 95% confident that between 55% and 65% of the entire population prefers product A.
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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