What are some examples of surveys that include a margin of error?

What are some examples of surveys that include a margin of error?

Surveys often report a margin of error to indicate the potential variability in results. For example, a political poll might say, "Candidate A has 52% support with a margin of error of ±3%." This means the actual support could be between 49% and 55%.

Can you give me another example?

Sure! In market research, a survey might find that 70% of consumers prefer Brand X over Brand Y, with a margin of error of ±4%. This suggests the true preference could range from 66% to 74%.

How is the margin of error calculated?

The margin of error is typically calculated using the formula: ME = Z * (σ/√n), where Z is the Z-score corresponding to the confidence level, σ is the standard deviation, and n is the sample size.

What does a smaller margin of error indicate?

A smaller margin of error indicates more precise results, suggesting that the survey's findings are closer to the true population values.