Standard error
Standard error is a statistical term that measures the variability or dispersion of a sample mean estimated from a larger population
Standard error is a statistical term that measures the variability or dispersion of a sample mean estimated from a larger population. It provides an estimate of how the sample mean is likely to differ from the true population mean. In other words, it quantifies the uncertainty or reliability of the sample mean.
To calculate the standard error, you divide the standard deviation of the sample by the square root of the sample size. The formula can be expressed as:
Standard Error = Standard Deviation / √n
Where:
– Standard Error represents the measure of dispersion of the sample mean
– Standard Deviation is the measure of how spread out the values in the sample are
– n is the sample size
The standard error is an important concept in statistics as it helps draw conclusions about the population based on the sample data. It is often used to determine the precision of estimates or to establish confidence intervals around the sample mean. A smaller standard error indicates a more precise estimate of the population mean, while a larger standard error suggests greater uncertainty in the estimate.
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