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What is the difference between a parameter and a statistic?

by janeausten
what is the difference between a parameter and a statistic?

In simple words if you want to understand that what is parameter and what is statistics then you are at the right place because here we are going to discuss the same in a very detailed and also a very explanatory manner so that you can understand it properly and get the most out of it. So, what is the difference between a parameter and a statistic?

Here is the answer:

Statistics: An educated and studied guess sample

Parameter: The whole of the population sample

Confusion regarding both the terms

However, most of the people in the world still get confused between these two terms, parameters and statistics. But the term statistic at parameter can be simply understood by a person that it is a determination or we can say that a way of seeing a population and its sample size. But many people are confused with how exactly these two things are being measured and how exactly to distinguish both of them. With this clearance you can get the answer to the question of what is the difference between a parameter and a statistic? 

Simply we can understand both of the things as mentioned below.

Parameter is basically a fixed measurable thing which is being used majorly for describing and entire population or we can also say that a mass of all the units which are being taken into the consideration and that helps in sharing the common characteristics of a particular thing and these things are based on the elements with in a particular population.

On the other hand, statistics is basically a characteristic or we can also say that a simple educated guess or a sample of the whole population in order to get the answer to the question of what is the difference between a parameter and a statistic?

Understanding with an example

So for example if a person is working in a multinational company then that particular person wants to know that what exactly is the educational background of the employees working in the same company. Then if he goes to each and every single person in that organisation and asks them about their background educational details and writes it down in a particular place and analyses that particular data set then it will be known as analysing the parameter. Because he is studying the complete population to find out the ultimate result.

But on the other hand if a person is taking a few of the members or a few of the employees from the whole of the populated employees based on the area of field or the departments they are working and making an educated sample out of it and then analysing the data set then it will be known as analysing the statistics.

So, what is the difference between a parameter and a statistic?

Here in the article now we are going to discuss the same answer in the detailed and also in the descriptive manner in order to understand the same better. Have a look at the description and details.

Detailed description about parameter

Parameter is a number, which is used to describe the whole of the properties of the population. Basically, a population is the entire group and portion of the people, objects, animals, transactions, etc., which a person is studying.

Parameters are the numbers or the measurements, which are used to summarise the data for the entire population. Parameter helps in summarising the data by analysing the whole of the population.

Detailed description about statistics 

Statistics is a number, which is used to describe the whole of the properties of the sample. Basically, a sample is a portion of the whole of the population. Statistics helps in summarising the data with the help of the short and small educated sample.

Now the most important thing is to understand the answer to the question of what is the difference between a parameter and a statistic?

The answer to the same question is considered to be very simple to answer but the similar kind of difficulties are there because it is very easy to explain the same but sometimes it becomes very difficult to understand it properly.

The word or the term parameter and statistic plays a very important and also a very vital role in the measurement and the determination of the sample size of the whole of the population of all the types of data sets to know the answer of what is the difference between a parameter and a statistic?

Parameter is the description of the whole population. And on the other hand, statistics is a value of the small group or a sample, which is drawn from that whole of the population. The result of the parameter is drawn from the measurements of the units of the population and the result of the statistics is drawn from the measurement of the elements of a small sample.

So, I hope you have got an answer to the question of what is the difference between a parameter and a statistic? And also you are satisfied with the particular answer. 

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The Key differences between parameter and statistic 

Here are some of the major as well as the top key differences between both the parameter and the statistic. Have a look at the same.

  1. Statistics is a characteristic of a small part of the population. Parameter is a characteristic of the complete target population.
  2. Statistics is a variable numerical value, which depends on sample size. Parameter is a fixed numerical value, which depends on the complete population.
  3. Statistics work on the small size or we can also say that the sample size of the big population. Parameter works on the whole of the population.

These are the major differences or the key differences for the both terms in order to know the proper answer to the question of what is the difference between a parameter and a statistic?

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