With any statistical model, we assess the fit: Does the model accurately depict the truth?
Explain how variancehelps assess the “fitness” of the mean.
In a research study, we are interested in whether or not the results from our sample can apply to our population of interest, and therefore it is important to assess the ‘fit.’ We need to determine whether or not our model (mean) is accurate; this is done by looking at the difference between the observed data and how it ‘fits’ to our model (the mean). The results from our sample ‘model’ can hopefully be applied to …
This solution helps to explain how variance helps assess the fitness of the mean within a statistical model.