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Gold/Mining/Energy : Winspear Resources
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To: marcos who wrote (13063)1/21/1999 10:24:00 PM
From: Chad Barrett   of 26850
 
To be accurate within 2%, 19 times out of 20 means that you can be 95% confidant that the true value lies with 2% of the estimated value.

An example would be a political poll. ie. "Bill Clinton's approval rating is currently at 55%. This is accurate to within 2%, 19 times out of 20."

What that is actually saying, is that if they did the poll over and over again (taking a random sample of US voters of the same size), the result would fall within the range of 53% to 57%, 19 times out of 20 (or 95% of the time). 95% confidence intervals are probably the most commonly used for the purpose of a poll.

Chad
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