Parameter

Definition

A parameter is a numerical value that summarizes a characteristic of a population. It provides specific information about the entire group being studied.

5 Must Know Facts For Your Next Test

1. A parameter describes an entire population, not just a sample.
2. It is often unknown and needs to be estimated through data collection and analysis.
3. Common parameters include mean ($\mu$), variance ($\sigma^2$), and proportion ($p$).
4. A parameter is fixed for a given population but can vary between different populations.
5. Estimating parameters accurately is crucial for making valid inferences about the population.

Review Questions

• What distinguishes a parameter from a statistic?
• Why are parameters typically unknown in real-world studies?
• What are three common types of parameters used in statistics?

Related terms

Statistic:

A numerical value that summarizes a characteristic of a sample, which is used to estimate a parameter.

Population:

The entire group of individuals or instances about whom we hope to learn.

Sample:

A subset of the population selected for measurement or observation.