Some of the properties of margin of error are as follows: The formula for margin of error for proportion of z-test is as follows: The critical value at 99% confidence level is 2.58. The critical value for 95% confidence level is 1.96, and The critical value for 90% confidence level is 1.64, The general formula of margin of error is as follows:įor example, the formula of margin of error for sample mean of z-test is given below: The margin of error is the product of the critical value of standard error. Suppose the margin of error is 2 percent for a 95% confidence interval, it indicates that 95% of the times the sample statistic differs by 2% points from the true population parameter. Larger the sample size, smaller the value of margin of error will be. If the margin of error is large, the sample statistic is far away from the true population parameter if the margin of error is small, the sample statistic is close to the population parameter. The confidence interval tells how close the sample statistic is to its true population parameter. In other words, it is a statistic that measures the random sampling error in a survey. Margin of error is nothing but a range of values above and below the value of sample statistic. The margin of error helps in constructing confidence intervals, which gives a range of plausible values for the population parameter.
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