00:01
We are looking at some sample data.
00:03
Sample size is 13.
00:05
The sample beam is $172 .10, with a sample standard deviation of $23 .90.
00:15
We want to look at the approximate standard error of the mean.
00:20
So there is a population distribution, the distribution of room rates at this place.
00:29
I'm guessing it's probably right skewed, probably most of the wrongly low.
00:32
End and there was a few very expensive ones.
00:35
We're not looking at that.
00:37
The standard deviation of the population is not what we're after.
00:41
We are after the standard error.
00:44
The standard error is the standard deviation of the sampling distribution, in this case of the sample mean.
01:04
So if you took all of the sample means and plotted those out, what would you get? so i said that i think the population might be right skewed...