Flashcard-Understanding Margin of Error and Confidence Intervals

Front

What is the definition of Margin of Error?

Back

The Margin of Error is the range of values above and below the sample statistic in a confidence interval, indicating the potential error in estimating the population parameter.

Front

How is the Margin of Error calculated?

Back

Margin of Error = Critical Value (z*) × Standard Error (SE).

Front

What does a Confidence Interval represent?

Back

A Confidence Interval is a range of values, derived from a sample, that is likely to contain the population parameter with a specified level of confidence.

Front

What is the formula for a Confidence Interval for a population mean?

Back

Confidence Interval = Sample Mean ± Margin of Error.

Front

What is the critical value (z*) for a 99% confidence interval?

Back

The critical value (z*) for a 99% confidence interval is 2.575.

Front

What is the critical value (z*) for a 95% confidence interval?

Back

The critical value (z*) for a 95% confidence interval is 1.96.

Front

What is the critical value (z*) for a 90% confidence interval?

Back

The critical value (z*) for a 90% confidence interval is 1.645.

Front

If the confidence interval for a population mean is (20, 40), what is the margin of error?

Back

The margin of error is 10.

Front

If the margin of error in a confidence interval is 8 and the sample mean is 200, what is the upper bound of the confidence interval?

Back

The upper bound of the confidence interval is 208.

Front

What is the relationship between sample size and Margin of Error?

Back

As the sample size increases, the Margin of Error decreases, leading to a more precise estimate of the population parameter.