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

Descriptive statistics, find the average rate of increase in population whi...

find the average rate of increase in population which in the first decade has increased 20%.in the second 25% and in the third 44%

#Probablility, #In planning the teaching assignments for next semester, Mr....

#In planning the teaching assignments for next semester, Mr. Hinton must have a teacher in each of the 7 grades during each of the 6 periods of the day. If he has 10 teachers to ch

Probability of remaining paint free, In a three-cornered paint ball duel, A...

In a three-cornered paint ball duel, A, B, and C successively take shots at each other until only one of them remains paint free. The three paint ballers have different probabiliti

Number of principal components, While there are p original variables the n...

While there are p original variables the number of principal components is m such that m

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

Managerial report, A. Compute descriptive statistics for each stock and the...

A. Compute descriptive statistics for each stock and the S&P 500. Comment on your results. Which stocks are most volatile?

Probability theory, Origin and Development of probability Theory: The c...

Origin and Development of probability Theory: The credit for origin and development of probability goes to the European gamblers of 17 th century. They  used to gamble  on gam

Regression constants, The regression line should be drawn on the scatter di...

The regression line should be drawn on the scatter diagram in such a way that when the squared values of the vertical distance from each plotted point to the line are added, the to

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