When using the Excel program, you will inevitably encounter questions about its mathematical features. So what is standard error? Why the standard error calculation is important? And how to calculate standard error in Excel? MiniTool will tell its details with this guide.
What Is Standard Error
The standard error is a statistic that indicates the accuracy of the sample data representing the whole dataset. It can help you assess the matching degree between the sample distribution and the entire population by using standard deviation.
A low standard error means that your sample mean is very close to the population mean. Instead, a high standard error indicates that the sample mean is unreliable.
Why Does Standard Error Calculation Matter?
You may want to master the standard error calculation for various reasons. However, the first step should be to understand why it is important.
When conducting research or analyzing data, we usually cannot collect data from the whole since it’s a huge amount of work that needs efforts and time. Instead, you use samples. The standard error can help you measure the degree of deviation between the sample mean and the actual overall mean.
For instance, you need to survey the average education attainment of every province. But it’s impossible to survey every person in the country. Then you can take a sample and calculate standard error to work this out.
How to Calculate Standard Error in Excel?
Now, you can start to learn about the actual work of calculating standard error with Microsoft Excel. Take the following steps one by one to make sure that the final result is correct.
Step 1: Prepare a dataset
Before calculating the standard error, you first need to prepare a dataset in Excel. Arrange your data and ensure they are organized in a vertical or horizontal line so that Excel can perform statistical calculations properly in a continuous range.
Step 2: Calculate the sample mean
You can use the Excel formula =AVERAGE (range) to calculate the sample mean. Then you need to type the calculation range such as A2:A10.
Step 3: Calculate the standard deviation
The standard deviation can assess the spread of the overall data. You can use the formula =STDEV (range) to compute the sample standard deviation. Also, type your data range into the brackets.
Step 4: Calculate the sample size
The number of data points in the sample is crucial for calculating the standard error.
Step 5: Calculate standard error
On the basis of the data calculated above, including sample mean, standard deviation, as well as sample size, you are able to calculate the standard error using the formula – =STDEV (range)/SQRT (sample size). Fill out the correct calculation range and true sample size values.
When the calculation is finished, you can get the standard error value which delegates the standard error of your sample mean. The smaller the standard error, the greater the dependability of the sample mean as an approximation of the overall mean.
Quick Tips
When using Microsoft Excel to calculate the standard error, you can take these tips below.
1. Reduce Your Calculation: Calculating the standard deviation and count using separate formulas is easier to understand and operate, but it is also more cumbersome and prone to errors. Therefore, we recommend that you use only one formula to complete all calculations. Replace each cell in the standard error formula with the formula you entered in that cell, such as “=STDEV(A2:A10)/SQRT(COUNT(A2:A10)).”
2. Expand Your Ranges: When creating standard deviation and count formulas, if you plan to add more statistical data, you can expand the calculation range beyond the final data point. The function used will ignore blank cells, so you can get the correct result immediately and automatically calculate future data points without updating the formula.
Bottom Line
In conclusion, you can tell what standard error is and how to calculate standard error in Excel from here. Armed with the knowledge of the standard error, you can better use the Excel program for data analysis.
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About The Author
Position: Columnist
Nan is always interested in writing and exploring new things. Her enthusiasm for writing leads her to become an English editor. She likes to share helpful information about kinds of Android issues with readers and focuses on PC backup and restore. She also loves to read books and watch documentaries in her spare time.