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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.
The following are the various types of common averages used in statistical analysis given in the form of a chart. Figure 1
Type of Variable in Regression Analysis There are two types of variable in regression analysis. These are: a. Dependent variable b. Independent variable
Objective of index numbers
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To compare three brands of computer keyboards, four data entry specialists were randomly selected. Each specialist used all three keyboards to enter the same kind of text material
Explain any two applications of statistics
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The Truly Canadian Restaurant stocks a private red table wine that it purchases from a local winery in the Niagara Falls region. The daily demand for the wine at the restaurant is
As we stated above, we start factor analysis with principal component analysis, but we quickly diverge as we apply the a priori knowledge we brought to the problem. This knowled
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