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Maximum Tolerable Error

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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.

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Solution Summary

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.

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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 ...

Solution provided by:
Changping Wang, MA
Education
  • BSc , Wuhan Univ. China
  • MA, Shandong Univ.
Recent Feedback
  • "Your solution, looks excellent. I recognize things from previous chapters. I have seen the standard deviation formula you used to get 5.154. I do understand the Central Limit Theorem needs the sample size (n) to be greater than 30, we have 100. I do understand the sample mean(s) of the population will follow a normal distribution, and that CLT states the sample mean of population is the population (mean), we have 143.74. But when and WHY do we use the standard deviation formula where you got 5.154. WHEN & Why use standard deviation of the sample mean. I don't understand, why don't we simply use the "100" I understand that standard deviation is the square root of variance. I do understand that the variance is the square of the differences of each sample data value minus the mean. But somehow, why not use 100, why use standard deviation of sample mean? Please help explain."
  • "excellent work"
  • "Thank you so much for all of your help!!! I will be posting another assignment. Please let me know (once posted), if the credits I'm offering is enough or you ! Thanks again!"
  • "Thank you"
  • "Thank you very much for your valuable time and assistance!"
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