STATISTICAL TECHNIQUES AND TOOLS
TESTS OF SIGNIFICANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Margin of error equals:
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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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Explanation:
Detailed explanation-1: -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-2: -The margin of error is equal to half the width of the entire confidence interval.
Detailed explanation-3: -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).
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