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Random Variation

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Random Variation - definition(s)

Random Variation - The tendency for the estimated magnitude of a parameter (eg, based upon the average of a sample of observations of a treatment effect) to deviate randomly from the true magnitude of that parameter. Random variation is independent of the effects of systematic biases. In general, the larger the sample size is, the lower the random variation is of the estimate of a parameter. As random variation decreases, precision increases.

[Category=Data Quality ]

Source: iSixSigma, 19 February 2011 11:51:25, External 

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