Resolved: Standard Error Meaning?
If the standard error is the standard deviation of the distribution of the sample means, what would be the point/meaning behind calculating the standard error of a single sample?
2 answers ( 1 marked as helpful)
The standard error tells you how accurate the mean of any given sample is likely to be compared to the true population mean. When the standard error increases, i.e. the means are more spread out, it becomes more likely that any given mean is an inaccurate representation of the true population mean.
In simple words,
The lesser the standard error, the more accurate our predictions about the population mean and vice versa.
so the lower the number to "0" is more accurate? for example how to I gauge a standard error of 456 is that a small standard error? is it large?