Answer to Question #299326 in Statistics and Probability for jhoy

Question

1.   A recent study reported that an estimated 70% of professionals in IT have considered moving to U.S to earn a higher salary. The report further stated that this estimate is considered accurate within three percentage points, and correct 19 times out of 20.

a.   Is the 70% a statistic or a parameter?

b.   Is the 3% a standard error or a margin of error?

c.   Explain what the phrase “19 times out of 20” means?

Answer 1

Solution;

(a)

70% is a parameter.

It describes population.

(b)

Margin of error

(c)

This is the confidence interval which estimates that 20 different unknown parameters,19 will have 70% IT professional considering to move to US.