Standard error of estimate Definition and Explanation PDF | Download eBooks
Learn Standard error of estimate definition in supply chain management with explanation to study “What is Standard error of the estimate”. Study standard error of estimate explanation with SCM terms to review supply chain management course for online MBA programs.
Standard error of estimate Definition:
A measure of variability around the regression line - its standard deviation.
Operations Management: Sustainability and Supply Chain Management by Jay Heizer, Barry Render, Chuck Munson
Standard error of estimate Explanation:
Standard error of the estimate is used to measure the variation of observation that is made around the regression line. It is somehow same as the standard deviation. The value of the standard error estimates is small it is closer to the dots of regression line and estimate is better based on the line of equation.
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