Parameter refers to the entire Population’s data. In contrast, the statistic denotes the sample number. Both population parameter and random sample analysis are vital considerations. Also, they are helpful in the field of inferential statistics. You must know some unknown facts on ‘Parameter vs Statistic’. The blog will define the common Parameters and statistics separately. Also, you will get real-world case studies along with practice problems. Most readers can understand the difference between Parameter and statistics with much clarity. Are you looking for a Parameter vs statistic statistics definition? Read the following sections.
Table of Contents
Definition of Parameter
Parameter in statistics is not the same as it is in Mathematics. The population Parameters in statistics denotes the populace of a particular demographic. In other words, statistical parameters are the figures that follow the entire Population’s data. But, if you think about Parameters in mathematics, it appears to be entirely a different concept. In mathematics, the expression is in equations.
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Definition of Statistic
The term’ statistic’ defines the number in summarized form. Instead, the sample statistics are the Population’s portion in a given demographic. Also, it is a numeric value that is derived from data samples. In other words, one can also define statistics as sample observation or a small Population.
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What is the parity between a parameter and a statistic?
1. A statistic is a trait of a population subset, referred to as a sample. The Parameter relates to a constant that uniquely identifies the target demographic.
2. Also, the statistic is a variable dependent on the population sample. But the Parameter is a static and undetermined numerical value.
3. The Parameter is an exact population measure. But statistics state the sample measure in descriptive form.
4. It is not possible to measure a parameter. But, you can easily calculate the statistics.
5. The symbol σ represents the standard deviation of Population. Whereas ‘s’ denotes the standard deviation of a sample.
6. The variance symbol for the Population is σ2. On the other hand, we can get the representation of sample variance by ‘s2.
7. To estimate population parameters, you need a symbol that represents the size. The alphabet ‘N’ symbolizes the size. But, to find out the sample size in statistics, you must use ‘n’.
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Parameter vs Statistic example
We can draw multiple samples for both Parameters and statistics. Following are some examples of the actual population parameter.
Population parameter
Percentage of all Canadian residents supporting the death penalty
- The average income of college students of US
- The standard deviation of guava’s weight in a particular region
- Mean screen time of all comedians in the United States
Sample statistic
- A figure of 1000 randomly sampled participants that uphold the death penalty
- The median income of 1200 college students in the New Jersey region
- The standard deviation of guava’s average weight in a single farm
- The mean screen time of top 30 comedians in US,
The Population mentioned above Parameter vs sample statistic is handy for the target population. The figures on sample standard deviation provide a realistic explanation. These examples and samples are ideal. It can be for whole population data or a single section.
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Statistical notations in parameters and statistic
The statistical notations for population parameters & sample statistics are as follows:
Notations in parameters
The mean is denoted by (Greek letter mu) in population parameters. P defines the Population. Also, the standard deviation label is σ (Greek letter sigma). Here the σ2 represents variance. Also, with the number ‘N’, we indicate the population size.
Notations in statistic
The Greek letters are mainly used as statistical symbols. In population parameters, the mean is denoted σx̄. Also, σp ( Greek letter) states the standard error of population proportion. Again, z defines the normal variation. However, its representation is (X-µ)/σ. Here the coefficient of variation is represented by σ/µ.
In sample statistics, x (x-bar) symbolizes the mean. Also, p (phat) denotes the sample proportion. Again, s indicates standard deviation. Also, s2 implies variance, and n represents the sample size. The standard error of the mean is denoted by sx. Moreover, the standard error of the proportion is sp, the standardized variate (z) is symbolized by (x-x)/s. The variation coefficient is indicated by s/(x). Students can get so many such facts on parameter and statistics in the digital world. But, while accessing such information you must know about some digital distractions that can affect your studies.
What is the major Parameter in statistics?
Several examples focus on a given Population. It is what determines the Parameter in statistics. It is where the study of the whole Population is defined. You may find hundreds of millions of data while defining parameters. For example, say, suppose we want to know the average height. It is an example of a parameter. The reason is that we are dealing with the entire Population of a cow.
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How do you find parameters in statistics?
Economics is all about data and estimation. Now, when you find parameters in statistics, terms like mean, variance and standard deviations are vital. Also, it is advisable to use a formula for the fixed measure. Take an example of the latest health care proposal in your community. Random sampling will be standard. But, how would you calculate unknown numerical? For that, you need a formula.
- Population mean = μ = ( Σ Xi ) / N
- Standard deviation of population = σ = sqrt [ Σ ( Xi – μ )2 / N ]
- Population variance = σ2 = Σ ( Xi – μ )2 / N
- Variance of population proportion = σP2 = PQ / n
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What is the major difference between statistics and parameters?
The parameters can be described in a broader sense. For example, it may include all the elements as a whole. But, the statistic states a number that represents a small population or a portion. It is mostly based on a smaller group.
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What are the applications of statistics?
Statistics deal with raw data and facts, and result obtained based on a specific formula. Each variance has different symbols. The high school students with the commerce of economics learn various applications of statistics. Also, It becomes pretty hard to get some specific result of a Large Population. It is where the formula on standard parameters helps. The statistics help in the analysis of data. Also, it aids in forecasting and other economic planning.
How are statistics helpful to you?
You can have an idea of what is happening worldwide with results obtained in statistics. Today we are residing in a world based on Information and technology. It has a significant role in:
- medical study
- stock market
- weather forecast
- quality testing
- consumer goods etc.
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Conclusion
To conclude, Parameter and statistics deal right from the simple random sample to that of the entire Population in an area. The sample statistic provides a vivid idea of the theory. Also, the formulas compile with a numerical value to bring the result.
The representative sample is associated with Parameter. Also, elementary statistics deal with the collection, analysis, interpretation, etc. These are useful in our day-to-day lives. Moreover, both Parameter and statistics deal with the numerical value of a random sample. The educated guesses can pick out a few common characteristics with different models.
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