What is Standard Error and it's importance?
In Statistics and data analysis standard error has great importance. The term "standard error" is used to refer to the standard deviation of various sample statistics, such as the mean or median. For example, the "standard error of the mean" refers to the standard deviation of the distribution of sample means taken from a population. The smaller the standard error, the more representative the sample will be of the overall population.
The relationship between the standard error and the standard deviation is such that, for a given sample size, the standard error equals the standard deviation divided by the square root of the sample size. The standard error is also inversely proportional to the sample size; the larger the sample size, the smaller the standard error because the statistic will approach the actual value.
How to Calculate Standard Error of Proportion?
Standard Error of Proportion calculator uses Standard Error of Proportion = sqrt((Sample Proportion*(1-Sample Proportion))/Sample Size) to calculate the Standard Error of Proportion, Standard Error of Proportion formula is defined as the standard error of the population with respect to the given population proportion associated with some event under investigation on the given data. Standard Error of Proportion is denoted by σ_{p} symbol.
How to calculate Standard Error of Proportion using this online calculator? To use this online calculator for Standard Error of Proportion, enter Sample Proportion (p) & Sample Size (N) and hit the calculate button. Here is how the Standard Error of Proportion calculation can be explained with given input values -> 0.154919 = sqrt((0.6*(1-0.6))/10).