A margin of error is a measure of the amount of random sampling error in a survey's results. It indicates the level of accuracy and reliability of the data collected and represents the range of values that the true population parameter is likely to fall within.
The margin of error is calculated by taking the standard error of the sample and multiplying it by a critical value based on the desired level of confidence. The standard error is determined by the sample size and the population standard deviation or estimated standard deviation.
The margin of error represents the potential difference between the sample results and the true population parameter. It is a measure of the uncertainty or variability in the survey's findings.
The sample size has an inverse relationship with the margin of error. As the sample size increases, the margin of error decreases, indicating a more precise estimate of the population parameter. This is because larger sample sizes reduce the impact of random sampling error.
The confidence level in the margin of error represents the probability that the true population parameter falls within the margin of error. For example, a 95% confidence level means that there is a 95% chance that the true population parameter falls within the calculated margin of error.