Explain important role in reducing standard error of mean

Reference no: EM13154636

Q1: Why does the sample size play such an important role in reducing the standard error of the mean? What are the implications of increasing the sample size?
Q2: Why might one be interested in determining a sample size before a study is undertaken? How do population variability and a level of certainty affect the size of the sample needed in a study?
Q3: How do estimation procedures differ for the population mean when the population standard deviation is known or unknown? What does a 95% confidence level actually mean in terms of probabilities?

Reference no: EM13154636

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