I am trying to calculate the maximum tolerable error given a sample size. I am given the standard deviation and I have been told that the mean is within 1 of the population mean. Without the actual mean, how can I calculate the maximum tolerable error?
I am using:
maximum allowable error = (z-value * standard deviation)/sq root of sample size.
This does not make sense to me.
In statistics, we sometimes call margin of error the maximum tolerable error. When we are asked to find the confidence interval for the population mean or variance, we have to find the ...
This solution provides an explanation which illustrates how to approach this type of statistics problem which is based on solving for the margin of error. This solution is about 120 words in length.