Estimating with uncertainty - Measuring the uncertainty of an estimate
3 important questions on Estimating with uncertainty - Measuring the uncertainty of an estimate
Why does the standard error measure the precision of an estimate?
Because the standar error reflects the differences between an estimate and the target parameter.
When doe the standard error decrease? What does that mean?
The standard error decreases with increasing sample size. (the estimate is closer to the true population)
Why can the standard error of the mean not be calculated with the standard deviation?
We almost never know the value of the population standard deviation.
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