What are some examples of margin of error in statistics?
An example of an AI chatbot conversation about margin of error in statistics.
What are some examples of 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. For example, if a poll shows that 60% of voters support a candidate with a margin of error of ±3%, the true support could be anywhere from 57% to 63%.
Can you give me another example?
Sure! If a survey of 1,000 people finds that 45% prefer a certain product with a margin of error of ±4%, the actual preference could range from 41% to 49%.
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, σ is the standard deviation, and n is the sample size.
What factors affect the margin of error?
The margin of error is affected by the sample size, the population variability, and the confidence level chosen for the survey.
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