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.
2
Q
A
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.
4
Q
What influences the confidence levels
A
Sample size
accuracy
Population size
