What is the importance of margin of error in statistics?
An example of an AI chatbot conversation about the significance of margin of error in statistical analysis.
What is the importance of margin of error in statistics?
The margin of error indicates the range within which the true value lies, helping to assess the reliability of survey results.
How does a smaller margin of error affect the results?
A smaller margin of error means more precise results, increasing confidence in the findings and their applicability.
Can you give an example of how margin of error is calculated?
Sure! If a survey of 100 people shows 60% support for a policy, with a margin of error of ±5%, the true support is likely between 55% and 65%.
What factors influence the margin of error?
Factors include sample size, population variability, and the confidence level chosen for the survey.
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