What will happen to my confidence level if I reduce my sample size due to budget cutbacks but wish to maintain the same level of precision for predicting the population mean? Why?
I want to keep the margin of error fixed, i.e., I want to keep the same level of precision (aka, accuracy). That means I want to maintain the same width for the confidence interval.
I must lower n to reduce sampling cost due to budget cutbacks
What will happen to my confidence level if I lower n while maintain E?