Answer:
how accurate the statistic is when using it to estimate the parameter.
Step-by-step explanation:
The margin of error may be referred to as a range or interval around a calculated statistic. The margin of error usually employed when calculating the confidence interval, will give a certain range of value within the sample statistic. This is sample statistic and margin is used to estimate the parameter albeit a certain percentage or proportion within the sample statistic. This provides the accuracy level at which the statistic will estimate the parameter.
Margin of Error :
Margin of Error = Zcritical * σ/√n ; OR
Margin of Error = Tcritical * s/√n
Where ;
σ = population standard deviation
s = sample standard deviation
