Question

What is the critical value for a 95% confidence interval estimate of the population proportion of managers who have caught salespeople cheating on an expense report

Answer 1

To find the critical value for a 95% confidence interval estimate of the population proportion, we need to use a z-table or a calculator.

For a 95% confidence interval, the critical value is 1.96. This means that we are 95% confident that the true population proportion lies within the range of our sample proportion plus or minus the margin of error.

For example, if we have a sample proportion of 0.6 and a margin of error of 0.05, then our 95% confidence interval estimate for the population proportion would be (0.55, 0.65). This means that we are 95% confident that the true population proportion lies between 0.55 and 0.65.