FORESTRY
AGRICULTURAL STATISTICS AND ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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standard deviation
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margin of error
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critical value
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confidence level
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Detailed explanation-1: -The formula for the margin of error is calculated by multiplying a critical factor (for a certain confidence level) with the population standard deviation. Then the result is divided by the square root of the number of observations in the sample.
Detailed explanation-2: -The margin of error can be calculated in two ways, depending on whether you have parameters from a population or statistics from a sample: Margin of error (parameter) = Critical value x Standard deviation for the population. Margin of error (statistic) = Critical value x Standard error of the sample.
Detailed explanation-3: -The maximum error of estimation, also called the margin of error, is an indicator of the precision of an estimate and is defined as one-half the width of a confidence interval.