Standard Error Question

Stacey

New Member
Greetings! I'm working on a stats assignment and I'm stumped. I've searched several websites and looked through both my current and former stats textbooks, but I'm not finding what I need.

I have to interpret the standard error for this particular data set. My standard error is 0.068. We haven't covered how confidence intervals and standard error are connected yet, which is why I think I'm having trouble. My prof is expecting a general interpretation and I think I'm making this more difficult than it needs to be.

The assignment states the following:
"A highly precise statistic (for example, a highly precise mean) would be relatively large in comparison to its standard error. If the standard error is as large or almost as large, this suggests that the statistic is not very precise. Just for your information, these are the same standard errors that enter into creating confidence intervals."

So if the standard error is 6.8 (multiply 0.068 by 100) and the mean is 7.97, am I correct in concluding that the statistic is not very precise?

Apologies if this seems like a relatively silly question. I assure you that I desperately tried to solve this on my own before I sought your assistance.

Any suggestions would be greatly appreciated.