What is the margin of error in statistics?
An example of an AI chatbot conversation about margin of error in statistics.
What is the margin of error in statistics?
The margin of error is a statistic that expresses the amount of random sampling error in a survey's results.
How is the margin of error calculated?
It's typically calculated using the formula: Margin of Error = 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 margin of error in a survey?
Sure! If a survey of 1,000 people shows 60% support for a policy with a margin of error of ±3%, the true support could be between 57% and 63%.
What factors affect the margin of error?
The margin of error is affected by sample size, population variability, and the confidence level chosen for the survey.
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