Sample statistics are estimates of a corresponding population parameter. We know they will vary when we draw another sample and estimate it again (this is sampling error). The Standard Error of an estimate is the estimated
SD of its sampling distribution. The Wald
z statistic is the ratio of the estimate to its
SE (i.e., how much larger than 0 is the estimate relative to how much we expect it to differ from 0 due to sampling error alone).
Terrence D. Jorgensen
Assistant Professor, Methods and Statistics
Research Institute for Child Development and Education, the University of Amsterdam