From the course: Machine Learning Foundations: Statistics
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The standard error of the mean vs. the standard deviation - Python Tutorial
From the course: Machine Learning Foundations: Statistics
The standard error of the mean vs. the standard deviation
- [Instructor] Let's explore the third measure, which is connected with the variance and the standard deviation. That measure is called the standard error of the mean or the standard error. We usually represent it with a shortcut SEM or SE. Imagine we are searching for a hotel room in London on some platform that displays all hotel rooms in the UK and there we have a sample from a population. So our dataset is all hotel rooms in London. We could calculate the mean of the sample and then choose a different city, such as Oxford and calculate the mean. If we repeat the process, we'll generate a data set of means of the samples from a population of hotel rooms. We have already explored this process in the central limit theorem. This way we get a standard error. The standard error is the standard deviation of the set of means. We can calculate the standard error by dividing the standard deviation by the square root of the…
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