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What is the difference between Parameter and Statistic?

What is the difference between Parameter and Statistic?

What is the difference between Parameter and Statistic?

A statistic and a parameter are quite similar. They are both describing any of particular groups, like “50% of home owners prefer Y brand home developers.” The difference between a statistic and a parameter is that statistics describe a sample. A parameter describes an entire population.

Difference between Parameter and Statistic are showing below.

etc. are called statistics

 

 S.N. Parameter Statistic
01 Any function of the population values is called parameter. Any function of the sample observation is called statistic.
02 Parameter is an unknown constant. Statistic does not contain unknown constant.
03 Parameters are not used to estimate population characteristics. Statistics are used to estimate population characteristics  ( such as parameters).
04 Parameters are free from sampling and other errors. Statistics are subject to sampling and non sampling error.
05 There is no distribution of parameters. Statistics has distribution,  which is called sampling distribution.
06 The population mean μ , Variance σ2   

etc are called parameter.  

The sample mean , variance σ2 etc. are called statistics.
07 In case of parameters, the Greek letter “mu” represents the population mean. In case of statistics, the “x-bar” symbol represents the sample mean, and most other notations differ too.

 

Here, Summarized Differences are mentioned.

What is the difference between Parameter and Statistic

Here, Summarized Differences are mentioned with showing an example.

What is the difference between Parameter and Statistic

 

Symbolic expressions related to Parameter and Statistic.

What is the difference between Parameter and Statistic

 

Here, I got a video that clarify the steps below:

Estimator.

When a Statistics is used to estimate a parameter is called an estimator.

Estimate.

Any particular value of an estimator is called estimate.

 

What is the difference between Parameter and Statistic

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What is the difference between Parameter and Statistic?

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Ela Zaman is a Top Author at BBALectures.com who writes about business issues and helps finance professionals as well as Fin-tech startups build an audience and get more paying clients online.

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