Definition - What does Standard Error of the Estimate mean?
The standard error of the estimate (SSE) is a statistical measure applied by researchers who conduct both random and non-random surveys with various groups of participants by collecting data and drawing comparative analysis between actual test values in proportion to the predicted value that coincides to a regression line representing a generalized population. It is a term used by researchers who identify and compare the difference between test values demonstrated by a predicted estimate of data corresponding to verifiable survey group results from a target population of people. Essentially, researchers use the standard error of the estimate metric as a baseline for observing similarities between survey group responses and the population they represent on the whole.
SureHire explains Standard Error of the Estimate
In statistics, the standard error of the estimate is a measurement applied by researchers who conduct surveys geared towards a target population with the objective of making a predicted estimation of their analysis, serving as the benchmark, against which survey group results indicate a comparative difference between the two variables in terms of accuracy.
For instance, alcoholism is a general problem in the workplace. Consequently, researchers conduct across-the-board surveys involving a cross-section of industries to detail the prevalence of alcoholic employees that exist in various professions taking into consideration discrete factors such as region, personnel size, and environment. The data gathered from consecutive survey group tests indicates factual results of alcoholic employees that exist in the workplace in relation to the predicted estimation of a broad population inferred by researchers.
