Applications of standard error, Applied Statistics

Assignment Help:

Applications of Standard Error

 

  1. 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.

  2. 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 = 56_applications of standard error.png

  3.   It is used to find the interval estimate of a population parameter

 

 

Example 

 

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

5

4,5

9

4.5

6

2,5

7

3.5

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.


Related Discussions:- Applications of standard error

Calculation for discrete series or ungrouped data , Calculation for Discre...

Calculation for Discrete Series or Ungrouped Data The formula for computing mean is = where,          f  = fr

Measures of dispersion, calculate variance and standard deviation of the f...

calculate variance and standard deviation of the following sample 12,22,32,13,12,23,34,52,56,23,44,32,11,11

Statistics, just wondering what would be the cost to complete a stats assig...

just wondering what would be the cost to complete a stats assignment

Descriptive statistics, Descriptive Statistics : Carrying out an extens...

Descriptive Statistics : Carrying out an extensive analysis the data was not a subject to ambiguity and there were no missing values.  Below are descriptive statistics that hav

Team Collaboration: Business Decision Making Project, Collect data about th...

Collect data about the chosen business problem or opportunity at the company. Explain how you obtained a suitable sample of either qualitative or quantitative data. Review data f

Probability and expectation, Ten balls are put in 6 slots at random.Then ex...

Ten balls are put in 6 slots at random.Then expected total number of balls in the two extreme slots

Population variance, Examining the Population Variance Business decisio...

Examining the Population Variance Business decision making does not limit itself to setting up the hypothesis to test for the equality of more than two means or proportions sim

Combined standard deviation, How to a calculate the combined standard devia...

How to a calculate the combined standard deviation for five groups (samples)?

Evaluate the standard deviation, Use only the rare event rule, and make sub...

Use only the rare event rule, and make subjective estimates to determine whether events are likely. For example, if the claim is that a coin favors heads and sample results consis

Choose the correct null hypotheses, For the following claim, find the null ...

For the following claim, find the null and alternative hypotheses, test statistic, P-value, critical value and draw a conclusion. Assume that a simple random sample has been selec

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd