Parameter and Statistic
In statistics, it is important to distinguish between parameters and statistics. A parameter is a numerical value that describes a characteristic of an entire population. For example, the average height of all students in a school or the overall standard deviation of income in a country are parameters. These values are often represented using Greek letters, such as μ (mu) for the population mean and σ (sigma) for the population standard deviation.
Below given table illustrate difference between parameter and statistic
| Parameter | Statistics |
|---|---|
| Numerical value that summarizes a characteristic of the entire population. | Numerical value that summarizes a characteristic of a sample taken from the population. |
| Examples include the population mean, population standard deviation, or population proportion | Examples include the sample mean, sample standard deviation, or sample proportion. |
| Often denoted by Greek letters 𝜇 – population mean, 𝜎 – population standard deviation | Often denoted by Roman letters x̅- sample mean 𝑠 – sample standard deviation |