Difference Between Parameter and Statistics
The key difference between statistics and parameter is given below:
|
Characteristic |
Parameter |
Statistics |
|---|---|---|
|
Definition |
A numerical value that describes a characteristic or property of an entire population. |
A numerical value calculated from a sample of data drawn from a population. |
|
Representation |
Denoted by Greek letters (e.g., μ, σ). |
Denoted by Roman letters (e.g., x̄, s). |
|
Nature |
Fixed, unknown values that represent true population characteristics. |
Calculated values used to estimate the corresponding population parameters. |
|
Scope |
Describes the entire population. |
Describes a sample from the population. |
|
Variability |
Constant for a given population. |
Subject to sampling variability, depending on the sample drawn. |
|
Examples |
Population mean (μ), population standard deviation (σ), population proportion (π). |
Sample mean (x̄), sample standard deviation (s), sample proportion (p̂). |
Statistic vs Parameter
In the statistical and data analytics areas, parameters and statistics are the most widely used two terms. Statistic is a numerical value calculated from a sample of data, whereas, Parameter is a numerical value that describes a characteristic of an entire population.
This article will provide the meaning and applications of parameters and statistics and the distinctions between them.
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