The Optimal Level in the Trade-Off Between Measurement and Error

question 141

Multiple Choice

The optimal level in the trade-off between measurement and error costs is when

• A)measurement costs are greater than error costs.
• B)measurement costs and error costs are minimized.
• C)measurement costs are less than error costs.
• D)the total of measurement costs and error costs are maximized.

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Definitions:

Confidence Level

Indicates the degree of certainty in an estimation process, typically expressed as a percentage.

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Margin of Error

An expression of the amount of random sampling error in a survey's results, indicating the confidence in the accuracy of the findings.

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