BUSINESS ADMINISTRATION
RESEARCH METHODOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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.01
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2.58
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1.96
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.05
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Detailed explanation-1: -However, when you want to compute a 95% confidence interval for an estimate from a large sample, it is easier to just use Z=1.96.
Detailed explanation-2: -The value of z* for a confidence level of 95% is 1.96. After putting the value of z*, the population standard deviation, and the sample size into the equation, a margin of error of 3.92 is found. The formulas for the confidence interval and margin of error can be combined into one formula.
Detailed explanation-3: -The critical value for a 95% confidence interval is 1.96, where (1-0.95)/2 = 0.025. A 95% confidence interval for the unknown mean is ((101.82-(1.96*0.49)), (101.82 + (1.96*0.49))) = (101.82-0.96, 101.82 + 0.96) = (100.86, 102.78).
Detailed explanation-4: -Z-scores are equated to confidence levels. If your two-sided test has a z-score of 1.96, you are 95% confident that that Variant Recipe is different than the Control Recipe.
Detailed explanation-5: -The value of 1.96 is based on the fact that 95% of the area of a normal distribution is within 1.96 standard deviations of the mean; 12 is the standard error of the mean.