Question

How can we develop a margin of error through the use of simulation models for random sampling

Answer 1

When using simulation models for random sampling, we can develop the margin of error by multiplying the critical value by the standard error.

What is the margin or error?

This is a measure of the error that we get when we use a random sampling model.

It can be found by the formula:

= Critical value x Standard error

If using a z-test, the critical value would be z and the standard error would be (σ / √n). The margin or error would therefore be:

= z (σ / √n)

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