Question

Suppose a survey of 701 people is conducted. What would the margin of error be for the survey?

%=?

Answer 1

Margin of error, also called confidence interval, tells you how much you can expect your survey results to reflect the views from the overall population. Remember that surveying is a balancing act where you use a smaller group (your survey respondents) to represent a much larger one (the target market or total population.)

If we assume a very large population and a sample of size 701(survey of 701 people is conducted) then our margin of error is 4% with 5% level of significance.

An acceptable margin of error used by most survey researchers typically falls between 4% and 8% at the 95% confidence level. It is affected by sample size, population size, and percentage.

Thus our required answer is 4%.