Statistics versus Parameter

Let’s assume from the scenario illustrated here, that the average income of all the customers is $1,300/month. Given that this amount is calculated from the sample drawn from the population, it is called a Statistic or Sample Statistic.

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If you follow the assumptions rightly, then we can generalize this result to the whole population, thus the average income of all the customers in the country is $1,300.00 and this is known as the Parameter or the Population Parameter. In statistics, it is rare to obtain the parameter from a real population in a study. Hence, we use the statistic to make inferences about the general population.