Statistical accuracy
How does getting a lower variance help us get more accurate results in this case getting the variance of the population?
1 answers ( 0 marked as helpful)
I think that getting a lower variance is important because variance measures the dispersion of a set of data points around their mean value. If we assume that the population mean is the same as the sampling distribution mean, getting a lower variance "anchors" the population mean around that point we got from the sampling distribution mean - it will be close around that point, so we got a good approximation of the mean.
I hope that I understood it correctly and am not misleading you.
