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Parameters and Statistics

Concept​

Terminology

Parameter: A number associated with the population.

  • Example: The population mean.

Statistic: A number computed from the sample.

  • Example: The sample mean.

Statistical Inference: The practice of making conclusions about a population, using data from a random sample. In other words, the practice of using statistic to predict parameter.

note

To remember: parameter and population both start with p, statistic and sample both start with s.

The diagram below provides an overview of relationship between parameter and statistic.