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 homeowners 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.
|1||Any function of the population values is called the parameter.||Any function of the sample observation is called statistics.|
|2||The parameter is an unknown constant.||The statistic does not contain unknown constant.|
|3||Parameters are not used to estimate population characteristics.||Statistics are used to estimate population characteristics ( such as parameters).|
|4||Parameters are free from sampling and other errors.||Statistics are subject to sampling and non-sampling error.|
|5||There is no distribution of parameters.||Statistics have distribution, which is called sampling distribution.|
|6|| The population mean μ, Variance σ2 |
etc are called parameter.
| The sample mean, variance σ|
2, etc. are called statistics.
|7||In the case of parameters, the Greek letter “mu” represents the population mean.||In the case of statistics, the “x-bar” symbol represents the sample mean, and most other notations differ too.|
Parameter and Statistic
Here, Summarized Differences are mentioned.
Here, Summarized Differences are mentioned in showing an example.
Symbolic expressions related to Parameter and Statistic.
When Statistics is used to estimate a parameter is called an estimator.
Any particular value of an estimator is called an estimate.
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What is the difference between Parameter and Statistic?