- Published: December 26, 2021
- Updated: December 26, 2021
- University / College: The London School of Economics and Political Science (LSE)
- Level: Masters
- Language: English
- Downloads: 19
Margin of Error Margin of error or statistical accuracy provides a ± in interval estimate in population mean, with a distribution sample of x and p properties for calculating the confidence interval (David R. Anderson, 2014).
Margin of error was used in reporting the employee engagement at their work and business improvement opportunities worldwide for the year 2013; according to study conducted by Gallup a margin of error was ± 1%. The sample accuracy was reflected on the data weight influence due to sampling error, wording of the questions or survey conducting challenges; this reduces the biasness and error in findings of the public opinion (Crabtree, 2013).
In business the population mean can be applied on a study using a focus group as a parameter of the whole population. He focus group can be used to sample new products and get reactions from the consumers. The population mean represents the true opinion of the entire population.
During elections most opinion poll the voters predict the winning candidate this has been done for the major media houses to make consumers glued to their channels during heated campaign periods. Thus during the period the media houses make their money on adverts as the candidates use the polls advertise themselves on the weaker area of electorate.
Most drug and pharmaceuticals company test their drugs on a certain focus group to test the curative and side effects of vaccine, cure drugs and cosmetics. Most recently GlaxoSmithKline and NewLinkGenetics were conducting focus group trials on Ebola virus; as a result of outbreak in West Africa (Daniel Flynn, 2014). Most consumer goods have a warranty, the risk of return of the product is calculated from the margin of error of producing a defective product.
References
Crabtree, S. (2013, October 8). Latest News. Retrieved from Gallup: http://www. gallup. com/poll/165269/worldwide-employees-engaged-work. aspx
Daniel Flynn, R.-J. B. (2014, November 14). Exclusive: MSF should have called for Ebola vaccine earlier. Retrieved from Reuters: http://www. reuters. com/article/2014/11/14/us-health-ebola-msf-idUSKCN0IY0CI20141114
David R. Anderson, D. J. (2014). Statistics for Business and Economics (12th ed.). Stamford: Cengage Learning.
