CONFIDENCE INTERVALS Flashcards

1
Q

What are confidence intervals

A

An estimate of the level of accuracy of the data derived from sampling.

For example: A sample of 1,000 customers may indicate that 83% are prepared to pay up to £50 for the product.

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2
Q
A
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3
Q

What do narrower confidence levels represent

A

A narrower confidence level represents a lower margin of error within the sample, and therefore more accurate data.

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4
Q

What influences the confidence levels

A

Sample size

accuracy

Population size

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