It is very important to understand the concept of standard error as it predominantly used by statisticians as it allows them to measure the precision of their sampling method. Standard Error = s / √n Relevance and Use of Standard Error Formula Step 5: Finally, the formula for standard error can be derived by dividing the sample standard deviation (step 4) by the square root of the sample size (step 2), as shown below. Step 4: Next, compute the sample standard deviation (s), which involves a complex calculation that uses each sample variable (step 1), sample mean (step 3) and sample size (step 2) as shown below. It is denoted by, and mathematically it is represented as, Step 3: Next, compute the sample mean, which can be derived by dividing the summation of all the variables in the sample (step 1) by the sample size (step 2). Step 2: Next, determine the sample size, which is the total number of variables in the sample.
The sample variables are denoted by x such that x i refers to the i th variable of the sample. Step 1: Firstly, collect the sample variables from the population-based on a certain sampling method. The formula for standard error can be derived by using the following steps: Therefore, the standard error of the sample mean is 0.77. Standard Error is calculated using the formula given below
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