Solution to 1. A recent study reported that an estimated 70% of professionals in IT have considered … - Sikademy
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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?

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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.

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Question ID: mtid-4-stid-46-sqid-2027-qpid-497