What is the difference between confidence intervals and margin of error?

What is the difference between confidence intervals and margin of error?

Confidence intervals provide a range of values that likely contain the population parameter, while margin of error indicates the maximum expected difference between the sample estimate and the true population value.

Can you give me an example of how they are used in statistics?

Sure! If a survey shows a 60% approval rating with a margin of error of 5%, the confidence interval would be 55% to 65%. This means we are confident that the true approval rating lies within this range.

How do you calculate a confidence interval?

To calculate a confidence interval, you typically use the sample mean, the standard deviation, and the sample size, along with a critical value from the Z or t distribution based on your desired confidence level.

What factors affect the margin of error?

The margin of error is affected by the sample size, the variability in the data, and the confidence level you choose. A larger sample size generally reduces the margin of error.