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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What is the difference between a parameter and a statistic? - A descriptive guide

You are not the only one who is asking and searching for the answer to the question: what is the difference between a parameter and a statistic? Because there are a lot of other people also who have a similar kind of confusion between parameters and statistics.
Basically, mathematics is a very vast area with a great scope of study and learning. Parameters and statistics are part of this mathematical field only. In fact, we can understand them as interrelated or correlated terms to each other. Most of the time, these are interchangeably used as well.

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What is the difference between parameter and statistic?

The major difference between parameter and statistic is that the parameter majorly and completely focuses on the entire population and its study. On the other hand, statistics focuses more on the sample-based analysing of the whole dataset. This can be simply understood as parameter studies the whole of the population and then draw a conclusion and at the same time statistics make an educated guess to make a sample and then study it to draw the ultimate conclusion out of the given big data as the population or the complete elements.

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