The standard error of the mean indicates how different the population mean is likely to be from a sample mean.
Using n-1 would make the sample standard deviation larger than otherwise using n. Therefore, we have a less biased estimate of the population standard deviation, giving us a conservative estimate of variability. What is Standard Error (SE)?
Standard error can either be high or low. In the case of high standard error, your sample data does not accurately represent the population data; the sample means are widely spread around the population mean. In the case of low standard error, your sample is a more accurate representation of...
Notice that Standard Error is the unit used on the horizontal axis of Figure 3.1. This is done by rescaling the horizontal axis unit of Figure 1.1 to the Standard Error unit of Figure 3.1 using the below formula. This formula gives us how many Standard Errors a proportion...
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Does Relative Standard Error Matter? Yes, in that it relates directly to the standard error and provides a view of the scale of the standard error. Which Is Better, A Large or Small RSE? A large RSE is considered unreliable and conveys lack of confidence that a sample estimate reflects the...