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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