Types of Parameters and Statistics
Types of parameters and statistics in tabular form:
| Type | Description |
|---|---|
| Population Parameter | Numerical value describing a characteristic of a population (e.g., population mean, variance). |
| Sample Statistic | Numerical value calculated from a sample data set to estimate a population characteristic. |
| Descriptive Statistics | Summarize and describe features of a dataset (e.g., measures of central tendency, dispersion). |
| Inferential Statistics | Making inferences or predictions about a population based on sample data (e.g., hypothesis testing). |
| Parametric Statistics | Assumes data follow a specific probability distribution (e.g., t-tests, ANOVA, linear regression). |
| Non-parametric Statistics | Does not assume specific probability distribution (e.g., Mann-Whitney U test, Wilcoxon signed-rank test). |
| Continuous Parameters/Statistics | Characteristics or values that can take any value within a given range. |
| Discrete Parameters/Statistics | Characteristics or values that can only take specific, distinct values. |
Parameters and Statistics
Statistics and parameters are two fundamental concepts in statistical theory. Although they may sound equal, there is a sharp difference between the two. One is used to represent the population, and the other is used to represent the sample. Now we will focus on the sample and population:
Population: A population refers to the whole data. It is the dataset that the statisticians use to derive conclusions or gain insights about the data.
Sample: Sample refers to the small dataset. It is considered to be a subset of population. Since population can be huge and may be difficult to examine, Statisticians usually consider a subset or sample, perform Statistical analysis and derive conclusions about the Population.
It is to be noted that the sample to be selected should be random in nature. If the subgroup or sample is not randomly selected, it may produce biased results.
Table of Content
- Parameters
- Statistics
- Relationship Between Sample and Population
- How to derive Population Parameter using Statistics?
- Types of Parameters and Statistics
- Difference between Parameters and Statistics
- Solved Questions on Parameters and Statistics
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