STATISTICAL TECHNIQUES AND TOOLS
CONFIDENCE INTERVALS
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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 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. is one-half of the width of the ( 1 − ) confidence interval.
Detailed explanation-3: -The point estimate for the population proportion is the sample proportion, and the margin of error is the product of the Z value for the desired confidence level (e.g., Z=1.96 for 95% confidence) and the standard error of the point estimate.
Detailed explanation-4: -Write down the number of trials, T . Write down the number of successes, S . Apply the formula MLE = S / T . The result is your point estimate.