Standard Error

Standard error measures how much a sample statistic, like an average, is expected to vary from the true population value. It reflects the precision of the estimate: a smaller standard error indicates the sample mean likely closely represents the true population mean, while a larger one suggests more variability and less certainty. Essentially, it helps us understand the reliability of our sample estimate and how well it might reflect the overall population. Standard error decreases as sample size increases, meaning larger samples generally provide more accurate estimates.