What is Standard Error and it's importance?
In Statistics and data analysis standard error has great importance. The term "standard error" is used to refer to the standard deviation of various sample statistics, such as the mean or median. For example, the "standard error of the mean" refers to the standard deviation of the distribution of sample means taken from a population. The smaller the standard error, the more representative the sample will be of the overall population.
The relationship between the standard error and the standard deviation is such that, for a given sample size, the standard error equals the standard deviation divided by the square root of the sample size. The standard error is also inversely proportional to the sample size; the larger the sample size, the smaller the standard error because the statistic will approach the actual value.
How to Calculate Standard Error of Difference of Means?
Standard Error of Difference of Means calculator uses Standard Error of Difference of Means = sqrt(((Standard Deviation of Sample X^2)/Size of Sample X in Standard Error)+((Standard Deviation of Sample Y^2)/Size of Sample Y in Standard Error)) to calculate the Standard Error of Difference of Means, Standard Error of Difference of Means formula is defined as the standard deviation of the difference between sample means in two independent samples. Standard Error of Difference of Means is denoted by SEμ1-μ2 symbol.
How to calculate Standard Error of Difference of Means using this online calculator? To use this online calculator for Standard Error of Difference of Means, enter Standard Deviation of Sample X (σX), Size of Sample X in Standard Error (NX(Error)), Standard Deviation of Sample Y (σY) & Size of Sample Y in Standard Error (NY(Error)) and hit the calculate button. Here is how the Standard Error of Difference of Means calculation can be explained with given input values -> 1.549193 = sqrt(((4^2)/20)+((8^2)/40)).