STATISTICAL TECHNIQUES AND TOOLS
STANDARD ERROR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -The standard deviation is small when the data are all concentrated close to the mean, exhibiting little variation or spread. The standard deviation is larger when the data values are more spread out from the mean, exhibiting more variation.
Detailed explanation-2: -A large standard deviation indicates that there is a lot of variance in the observed data around the mean. This indicates that the data observed is quite spread out. A small or low standard deviation would indicate instead that much of the data observed is clustered tightly around the mean.
Detailed explanation-3: -When the values in a dataset are grouped closer together, you have a smaller standard deviation. On the other hand, when the values are spread out more, the standard deviation is larger because the standard distance is greater.
Detailed explanation-4: -The empirical rule, or the 68-95-99.7 rule, tells you where most of the values lie in a normal distribution: Around 68% of values are within 1 standard deviation of the mean. Around 95% of values are within 2 standard deviations of the mean.