FORESTRY
AGRICULTURAL STATISTICS AND ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Critical Value ∗ standard Error
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z*
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1.96
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Standard Error
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Detailed explanation-1: -For calculating margins of error, you need to know the critical value and sample standard error. This is because it’s calculated using those two pieces of information. The formula goes like this: margin of error = critical value * sample standard error.
Detailed explanation-2: -What is critical value? In statistics, critical value is the measurement statisticians use to calculate the margin of error within a set of data and is expressed as: Critical probability (p*) = 1-(Alpha / 2), where Alpha is equal to 1-(the confidence level / 100).
Detailed explanation-3: -Standard deviation from the population multiplied by the critical value = margin of error. Standard error of the sample multiplied by the critical value = margin of error.