I need an idea for an example of the following question:
1. Obtain an estimated value and its standard error (either from data or by educated guess) for each of TWO situations important to your business interests. For each case, find a confidence interval and write a sentence interpreting it. Explain your reasons if you use a confidence level other than 95% or if you use a one-sided confidence interval.
thank you for your help and ideas!
If we take many random samples from a population and calculate their means and then take the standard deviation of those means, then we will call this standard deviation as standard error. In other words, the standard error tells us how accurate the sample mean is as compared to the population mean. The smaller the standard error the closer the sample mean to the population mean.
The formula for standard error is population standard deviation divided by the square root of the sample size. However, if the population variance is given ...
This solution of 386 words explains how to calculate the standard deviation, standard error, confidence interval and also formulas to aid calculations of variables. A worked example is provided with step-by-step calculations.