Probability and Statistics: 6.1: Parameter vs. Statistic

Front

What is a parameter in statistics?

Back

A parameter is a numerical value that summarizes a characteristic of a population, such as the average or total.

Front

What is a statistic in statistics?

Back

A statistic is a numerical value that summarizes a characteristic of a sample, such as the average or total.

Front

What is the difference between a parameter and a statistic?

Back

A parameter describes a whole population, while a statistic describes a sample taken from that population.

Front

Example of a parameter: Average salary of all accountants in a company.

Back

This is a parameter because it describes the entire population of accountants.

Front

Example of a statistic: Average salary of 35 accountants from a company.

Back

This is a statistic because it describes a sample of accountants.

Front

What does it mean if a statistic is used to estimate a parameter?

Back

It means that the statistic provides an approximation of the population characteristic based on the sample data.

Front

What is a sampling error?

Back

A sampling error is the difference between a sample statistic and the actual population parameter it estimates.

Front

Why is it important to distinguish between parameters and statistics?

Back

Understanding the difference helps in interpreting data correctly and making informed decisions based on sample data.

Front

What is an example of a parameter in a survey?

Back

The percentage of all voters who support a candidate.

Front

What is an example of a statistic in a survey?

Back

The percentage of voters in a sample who support a candidate.