Standard error
While the standard deviation measures the amount of variation there is within a sample, the standard error measures the amount of variation there is between the means of samples taken from the same population.
Note
The standard error is the standard deviation of the distribution of the sample means.
We have calculated the standard error of dwell time empirically by looking at the previous 6 months of data. But there is an equation that allows us to calculate it from only a single sample:
Here, σx is the standard deviation and n is the sample size. This is unlike the descriptive statistics that we studied in the previous chapter. While ...
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