What is a Margin of Error?
A margin of error tells you how many percentage points our results differ from the real value. The margin of error is defined as the range of values below and above the sample statistic in a confidence interval. The confidence interval is a way to show what the uncertainty is with a certain statistic.
Margin of Error Meaning
The margin of error is a statistical measure that represents the range within which the true value of a population parameter is expected to lie, based on a sample estimate
Margin of Error Formula
Margin of Error Formula: The margin of error is an important measure in statistics. The degree of error in random sampling surveys is known as the margin of error. It expresses random sampling error in the results of a survey. It depicts the confidence that the researchers should have in the data obtained from the survey. It tells the variance from the actual population in terms of the percentage points.
Example of Margin of Error: A 95% confidence interval with a 4% margin of error indicates that your statistic will, 95% of the time, be within 4% of the true population figure. A wider margin of error in statistics denotes a reduced chance of relying on a survey’s or poll’s findings, meaning that there will be less trust in the results’ ability to accurately reflect a community.
Margin of Error Formula
Table of Content
- What is a Margin of Error?
- Margin of Error Meaning
- Importance of Margin of Error
- Margin of Error Calculation
- Margin of Error Formula
- How to Calculate Margin of Error?
- Solved Examples on Margin of Error Formula