What is the Difference between Parameter and Statistic: Hello, Everyone Today I am going to share some interesting information on the Difference between parameters and statistics.
What is the Difference between Parameter and Statistic?
The Parameter and statistic are closely related terms that are essential for the determination of the sample size. Many of having trouble understanding the difference between Parameter and Statistic, but it is important to know what exactly these measures are mean and how to differentiate them.
What is Parameter and Why it is different from Statistic?
A parameter is a measure of a characteristic of an entire population that is a mass of all units under the consideration that shares common different things based on all the elements within that population. For example, all people who are living in one city, including all-male teenagers globally, all elements in a shopping trolley, or all students in a classroom.
If someone asks all employees in a factory what kind of lunch they prefer and half of them say pasta, you get a parameter here that is 50% of the employees like pasta for lunch. On the other hand, it is impossible to count how many men in the whole world like from the example says pasta for lunch since you cannot ask all of them about their choice. In that case, you would surely survey just a representative sample like in a portion of them and to form an opinion to the answer to the entire population of men. This brings us to the other measure which is known as a statistic.
It is a measure of the characters that are saying something about a sample of the population under study. A sample in the statistics is a part or portion of a population. The goal is to estimate a particular population parameter. You can draw multiple samples from a given population, and the result is taking from different samples will vary depending on the samples. So, using data about a sample or a portion allows you to estimate an entire population’s characteristics.
What is Statistic and Why it is different from the Parameter?
A statistic is a characteristic of a group of population or a sample. You get sample statistics when you collect some of the samples and calculate their standard deviation and also it is mean. You can use sample statistics to make particular conclusions about an entire population, thanks to the characterization of statistics. But, it would help if you had particular sampling techniques to draw valid endings. Using these techniques to ensuring that all samples deliver impartial estimates like correct on average. When it comes to based on the estimates, they are systematically too low or too high, so you don’t need them at all.
To estimate the population in the characterizations of statistics, you use sample statistics. For example, if you collect a random sample of female teenagers in the United States and measure their weights, you can easily calculate the sample mean. You can use the sample mean as an unbiased estimate of the population mean.
Talking on these both Parameter and Statistic. Both are similar but have different measures. The first one is Parameter is describing the whole population, while the second, which is Statistic describes a part of the population.
So, the difference between both Parameter and Statistics are having little change not much more. Please go through this article, and enjoy to read and understand.
If any Queries or Questions is persisting then, please feel free to comment on your viewpoints.