Page 72 - FINAL CFA I SLIDES JUNE 2019 DAY 3
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LOS 11.f: Calculate and interpret the Session Unit 3:
standard error of the sample mean
(SESM), p253 11. Sampling and Estimation
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 SRSs of 30 from the Iowa farm worker population are drawn
and we prepare a SDSM, we would get a distribution with an
expected mean of $13.50 and SE $0.53.
