Standard Error of Estimate

#1
Hi,
In a simple regression analysis based on the least squares regression equation, I got the predicted value of 7.15 for the predictor value of 11. The sample size is 35. I computed the Standard Error of estimate (Sx|y), which was 1.17.

Now my question is that what this value tells us? Does it mean that 68% of the times the predicted value will be 7.15 ± 1.17? Or what?
My friend said 68% would be within one SEE, but how is it possible? In the given example, 7.15 is not the mean of the predicted variables (Y), nor is 1.17 standard deviation!
 
#2
Maybe this video can partly help you

Hi,
In a simple regression analysis based on the least squares regression equation, I got the predicted value of 7.15 for the predictor value of 11. The sample size is 35. I computed the Standard Error of estimate (Sx|y), which was 1.17.

Now my question is that what this value tells us? Does it mean that 68% of the times the predicted value will be 7.15 ± 1.17? Or what?
My friend said 68% would be within one SEE, but how is it possible? In the given example, 7.15 is not the mean of the predicted variables (Y), nor is 1.17 standard deviation!
 

hlsmith

Less is more. Stay pure. Stay poor.
#3
I think of the SE as the estimated population standard deviation. So 68% of data are w/in 1 and 95% w/in plus or minus 2, etc.