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Standard deviation vs standard erroor

 
 
Thea1
 
Reply Mon 20 Apr, 2020 07:40 am
What is the difference between standard deviation and standard error, and in what circumstance are they used?
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engineer
 
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Reply Mon 20 Apr, 2020 09:37 am
@Thea1,
The standard error is a measure of how confident you are in your statistical parameter. The standard deviation is a property of your sample data set. If you take 20 samples from a distribution and take the mean and standard deviation, you can calculate the standard error in the mean value you calculated. That number is based on the standard deviation. If you take 100 samples, you should get a very similar standard deviation, but now you are much more confident in the mean because you have more data. Your standard error will be lower.
Thea1
 
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Reply Tue 21 Apr, 2020 03:22 am
@engineer,
Thank you so much!
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