Margin of error
Margin of Error
Margin of Error (pronunciation: /ˈmɑːr.dʒɪn ɒv ˈɛr.ə/) is a statistical term used in Healthcare and Medical research to quantify the amount of random sampling error in a survey's results.
Etymology
The term "Margin of Error" is derived from the field of Statistics, where it is used to indicate the range within which the true population parameter is estimated to lie.
Definition
The Margin of Error is a measure of the potential variation in the results of a Statistical survey. It is often expressed as a percentage and represents the degree of uncertainty associated with a sample. A smaller Margin of Error indicates a higher level of confidence in the results.
Calculation
The Margin of Error is calculated using the standard deviation or Standard error of the statistic, the size of the sample, and the Confidence level desired. It is typically calculated using the formula:
MOE = Z * √(p(1-p)/n)
where:
- MOE is the margin of error
- Z is the z-score, which corresponds to the desired confidence level
- p is the sample proportion
- n is the sample size
Related Terms
- Confidence interval: A range of values, derived from a statistical sample, which is likely to contain the value of an unknown population parameter.
- Standard error: A measure of the statistical accuracy of an estimate, equal to the standard deviation of the theoretical distribution of a large population of such estimates.
- Z-score: A statistical measurement that describes a value's relationship to the mean of a group of values.
External links
- Medical encyclopedia article on Margin of error
- Wikipedia's article - Margin of error
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