Page 5 - FINAL CFA SLIDES DECEMBER 2018 DAY 4
P. 5
Session Unit 3:
LOS 11.f: Calculate and interpret the standard error 11. Sampling and Estimation
of the sample mean (SESM), p253
Example: SESM: The mean hourly wage for Iowa farm workers
is $13.50 with a population SD of $2.90. Calculate and interpret
the SESM for a sample size of 30.
Interpret?
If SRS of 30 from the Iowa farm worker
population and prepare a SDSM, we would
get a distribution with an expected mean of
$13.50 and SE $0.53.
