STATISTICAL TECHNIQUES AND TOOLS
CONFIDENCE INTERVALS
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What can you do to reduce the margin of error?
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increase the confidence level
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decrease the confidence level
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increase sample size
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decrease sample size
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Explanation:
Detailed explanation-1: -Reduce the data variability. This will lessen the margin of error, as the less data variation you have, the more accurately you can estimate a parameter surrounding the population. Enlarge your sample size. Use a lower confidence level.
Detailed explanation-2: -A 90 percent level can be obtained with a smaller sample, which usually translates into a less expensive survey. To obtain a 3 percent margin of error at a 90 percent level of confidence requires a sample size of about 750. For a 95 percent level of confidence, the sample size would be about 1, 000.
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