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The standard deviation of a distribution is the average spread from the mean (average). If I told you I had a distribution of data with average 10000 and standard deviation 10, you'd know that most of the data is close to the middle. If I told you I had a distrubtion of data with average 10000 and standard deviation 3000, you'd know that the data in this distribution is much more spread out. dhaussling@gmail.com
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What does denominator of z-score measure?
The standard deviation.z-score of a value=(that value minus the mean)/(standard deviation)
Why is the standard error a smaller numerical value compared to the standard deviation?
Let sigma = standard deviation. Standard error (of the sample mean) = sigma / square root of (n), where n is the sample size. Since you are dividing the standard deviation by a positive number greater than 1, the standard error is always smaller than the standard deviation.
What does relative standard deviation of 0.003 mean?
The relative standard deviation is the absolute value of the ration of the sample mean to the sample standard deviation. This value appears to be quite small; however, without comparative data it is difficult to know what to make of it. In some contexts it might even be considered large.
How do you find out the z-score?
z-score of a value=(that value minus the mean)/(standard deviation)
What combination of factors will produce the smallest value for the standard error?
A small sample and a large standard deviation
