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Applications of Standard Error
Standard Error is used to test whether the difference between the sample statistic and the population parameter is significant or is due to sampling fluctuations.
Standard Error is used to find the precision of the sample estimate of a population parameter. If a statistic θ is used to estimate the parameter, then precision of θ =
It is used to find the interval estimate of a population parameter
A population consists of four numbers 3, 4, 2, 5. Consider all possible distinct samples of size two and verify that the population mean is equal to the mean of the sample means.
The population mean (μ) = (3 + 4 + 2 + 5) / 4 = 3.5
All possible distinct samples of size two and the corresponding sample means are shown in the following table.
Samples of Size Two and their Sample Means
Sample No.
Samples
Total of the sample values
Sample mean [Col. 3] ÷ 2
(1)
(2)
(3)
(4)
1
3,4
7
3.5
2
3,2
5
2.5
3
3,5
8
4.0
4
4,2
6
3.0
4,5
9
4.5
2,5
Total
...
21.0
[Sampling used in the above table is random sampling without replacement and the no. of samples = 4C2 = 6].
Mean of sample means = 21.0/6 = 3.5
Hence, the population mean = 3.5 = the mean of the sample means.
12 shoppings in nairobi 38/week
The following table shows the results of fitting a linear regression model of starting annual salaries on a constant, GPA (4 point scale), and a variable (Metrics =1) indicating wh
Year Production 2006 8 2007 6 2008 10 2009 12 2010 11 2011 15 2012 14 2013 16 Determine the trend from data given above?
Review the Learning Resources and the media programs related to t tests. For additional support, review the Skill Builder: Research Design and Statistical Design and the Skill Buil
Mode Mode is the value of the observation which occurs with the greatest frequency and thus it is the most fashionable value, Mode has been derived from French word La m
Theories of Business forecasting
Cluster Analysis could be also represented more formally as optimization procedure, which tries to minimize the Residual Sum of Squares objective function: where μ(ωk) - is a centr
Make a decision about the given claim. Do not use any formal procedures and exact calculation. Use only the rare event rule. Claim: A coin favors head when tossed, and there
Root Mean Square Deviation The standard deviation is also called the ROOT MEAN SQUARE DEVIATION. This is because it is the ROOT (Step 4) of the MEAN (Step 3) o
Testing of Hypothesis One objective of sampling theory is Hypothesis Testing. Hypothesis testing begins by making an assumption about the population parameter. Then we gather
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