Question

An experiment involves selecting a random sample of 256 middle managers for study. one item of interest is their annual income. the sample mean is computed to be $35,420, and the sample standard deviation is $2,050. what is the sample standard error of the mean?

Answer 1

The solution would be like this for this specific problem:

 

Given:

N = 256

Sample Mean = $35,420

Standard Deviation = $2,050

 

Find:

Standard Error of Mean = ?

The formula for the standard error of the mean is:

Om = o / sqrt(N)

Om = the standard deviation of the sampling distribution of the mean

where o = standard deviation of the sampling distribution of a statistic

N = sample size

So substituting the formula with the given:

Om = $2,050 / sqrt(256)

Om = $2,050 / 16

= $128.125

Therefore, the sample standard error of the mean is $128.125.