This function calculates the margin of error from a range of values and a confidence level.
Sample Usage
MARGINOFERROR(A1:A7, 0.95)
MARGINOFERROR(A1:C3, 0.99)
Syntax
MARGINOFERROR(range, confidence)
- Range- The range of values used to calculate the margin of error.
- Confidence- The desired confidence level between (0, 1).
Notes
- The margin of error is a statistical measurement used to determine the amount of error due to chance in a random sample of a population.
- A large margin of error indicates that the estimate of the parameter of a given sample may not represent the parameter of the entire population.
- The margin of error decreases when the sample size is greater.
- Surveys with less differences in responses between participants also have smaller margins of error.
- The confidence level is the likelihood that the true mean of the population lies in the margin of error above or below the sample mean.
- MARGINOFERROR(range, confidence) is equal to CONFIDENCE.T(1 - confidence, STDEV(range), COUNT(range)).
- The margin of error calculation is appropriate for:
- Continuous data normally distributed.
- Surveys with large sample sizes.
Examples
| A |
|---|
| 1 |
| 2 |
| 3 |
| 4 |
| Mean |
| Formula |
| Result of MARGINOFERROR |
| Confidence Interval |
| Lower Bound (Mean - MARGINOFERROR) |
| Upper Bound (Mean - MARGINOFERROR) |