What is the difference between a statistic and a parameter?
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Statistics
What is the difference between a statistic and a parameter?
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ANSWER In statistics vocabulary we often deal with the terms parameter and statistic which play a vital role in the determination of the sample size Parameter implies a summary description of the characteristics of the target population On the other extreme the statistic is a summary value of a small group of population ie sample The parameter is drawn from the measurements of units in the population As against this the statistic is drawn from the measurement of the
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