How Do You Calculate Margin Of Error Rates?
The margin of error rate is a statistical term used to describe the range that the true proportion could fall within. They are common in pre-election polls. For example, a poll may say, “Candidate A has 54 percent and candidate B has 46 percent with a 3 percent margin of error.” The margin of error is significant because it shows how close values are statistically. For example, if the margin of error in the earlier example was plus or minus 5 percent, the poll would be unable to predict the winner because the actual results could be 49 for candidate A and 51 for candidate B. Calculate the alpha value. Divide the confidence level by 100 and subtract the result from one. For example, if your confidence level was 96 percent, you would divide 96 by 100 and get 0.95, then subtract 0.96 from 1 to get 0.04 for the alpha value. The confidence level is set before you start the experiment and determines how sure you can be that the true percentage lies within your margin of error. For example, i
