Is it better to have a higher or lower standard error?

What the standard error gives in particular is an indication of the likely accuracy of the sample mean as compared with the population mean. The smaller the standard error, the less the spread and the more likely it is that any sample mean is close to the population mean. A small standard error is thus a Good Thing.

Is high standard deviation good or bad?

Standard deviation helps determine market volatility or the spread of asset prices from their average price. When prices move wildly, standard deviation is high, meaning an investment will be risky. Low standard deviation means prices are calm, so investments come with low risk.

What value is considered a low standard deviation?

For an approximate answer, please estimate your coefficient of variation (CV=standard deviation / mean). As a rule of thumb, a CV >= 1 indicates a relatively high variation, while a CV < 1 can be considered low.

What is a good value of standard deviation?

Statisticians have determined that values no greater than plus or minus 2 SD represent measurements that are more closely near the true value than those that fall in the area greater than ± 2SD.

What does high and low variance mean?

A large variance indicates that numbers in the set are far from the mean and far from each other. A small variance, on the other hand, indicates the opposite. A variance value of zero, though, indicates that all values within a set of numbers are identical.

Is a standard deviation of 2 good?

The responses are on a five point Likert scale: 5 = Very Good, 4 = Good, 3 = Average, 2 = Poor, 1 = Very Poor, The mean score is 2.8 and the standard deviation is 0.54. I understand what the mean and standard deviation stand for.

What does a standard deviation of less than 1 mean?

If my standard deviation and variance are above 1, the standard deviation will be smaller than the variance. But if they are below 1, the standard deviation will be bigger than the variance.