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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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