A parameter is a valuable element of statistical analysis. It denotes the characteristics that are used to define a given population. It is used to define a particular attribute of the population. For instance, population mean, population standard deviation, population proportion and so on.

While making a statistical conclusion about the population under study, the parameter value is unknown. This is because it would not be possible to gather data from every single member of the population. So a sample is selected from the population to derive a conclusion about the parameter.

A statistic is the value of the characteristics that are computed using this sample. For instance, sample mean, sample standard deviation, sample proportion and so on.

(a)

There have been 44 Presidents of the United States, and 36% of them were Democrats. The 36% here is a parameter.

(b)

In a 2015 Gallup poll of 1025 adults living in the United States, 53% said they trust the judicial branch of the federal government. The 53% here is a statistic.

(c)

The survey results from 12 local parks show the mean height of 60 ft for mature oak trees. The mean height of 60 ft is a statistic.

(d)

The 72 employees at ABC company have a mean income of $52,317 with a standard deviation of $36,829. The $36,829 is a parameter.

(e)

In a random sample of homeowners in the United States, it is found that 34% of the sampled homeowners renew their home warranty. The 34% here is a statistic.

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3 years ago