Describe the difference and similarities between standared d
Describe the difference and similarities between standared deviation, standard error, and confidence intervals?
Describe the difference and similarities between standared deviation, standard error, and confidence intervals?
Solution
The standard deviation is the measure of the \"spread\" of the individual data.
Meanwhile, the standard error is the measure of the spread, not of individual data, but of sample means.
The confidence interval is the interval in which the parameter we are interested in is estimated to be inside that interval, with a measured confidence level.
