The standard error is an estimate of the standard deviation of the sampling distribution. The value of the standard error of the mean is 387.970.
It is an estimate of the standard deviation of the sampling distribution. It measures the variability of a considered sample statistic.
Suppose that we're given that:
Population standard deviation = σ
Size of the sample we're working on = n
Then, the standard error can be calculated as:
[tex]SE = \dfrac{\sigma}{\sqrt{n}}[/tex]
where SE denotes the standard error.
The standard error of the mean can be written as,
SE = σ/√n
SE = 2,125/√30
SE = 387.970
Hence, the value of the standard error of the mean is 387.970.
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