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: ME = Z * (σ/√n), where Z is the Z-score, σ is the standard deviation, and n is the sample size.
What does a 5% margin of error mean?
A 5% margin of error means that the results of the survey could vary by 5 percentage points above or below the reported value.
Can the margin of error be reduced?
Yes, increasing the sample size can reduce the margin of error, leading to more accurate results.
What factors affect the margin of error?
Factors include sample size, population variability, and the confidence level chosen for the survey.
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