The Standard Error of the Mean Is the Best Estimate

question 16

Multiple Choice

The standard error of the mean is the best estimate that we can come up with given that it is impossible to compute ______.

• A)all of the possible variances
• B)all of the possible standard deviations
• C)all of the possible means
• D)all of the possible medians

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Definitions:

Probability

The measure or likelihood of a particular event or outcome occurring.

Sampling Error

The discrepancy between the statistical characteristics of a sample and those of the overall population, arising because the sample is not perfectly representative.

Mean Number

The average value of a set of numbers, calculated by dividing the sum of all the numbers by the count of the values.

Binomial Variable

A type of random variable that takes on one of two possible outcomes, for instance, success or failure, often with a fixed probability of occurrence.