What is the difference between a parameter and a statistic?
Both the terms parameter and statistic are statistical terms that are used to characterize different groups in study. Although both terms are used to describe the populations being studied, it’s crucial to know what is the difference between a parameter and a statistic? since it affects the conclusions.
To put it simply, a statistic is a sample taken from the population under study, whereas a parameter is the complete population being investigated.
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