Statistics for Data Science and Business Analysis - Standard Error

The video tutorial explains the concept of sampling distribution, focusing on the normal distribution of sample means. It introduces the standard error, defining it as the standard deviation of the sampling distribution. The tutorial details how to calculate the standard error and emphasizes its importance in statistical tests, highlighting that it decreases with larger sample sizes, providing a better approximation of the population mean.

What is the definition of standard error?

How is the standard error related to the standard deviation?

Explain how the standard error is calculated.

Why is the standard error important in statistical tests?

What happens to the standard error as the sample size increases?