Difference between Parameter and Statistic?

Answer

When describing a population, one may use a parameter or a statistic. However, they differ in the quality of information. A parameter is a numerical value that is equivalent to an entire population while a statistic is a numerical value that represents a sample of an entire population.

To distinguish between whether something is a parameter or a statistic, you might ask yourself if the data you are looking at includes the entire population that you are examining or some of the people from the entire population. For instance, 'What percentage of people in your household like sweet potatoes?' is a question that can easily be answered by polling everyone at home, which would be a parameter. But, in order for this question, 'How many people in the world like sweet potatoes?' to be answered as a parameter requires that you ask every single person in the world – not likely. This is where a representative sample becomes important. And, when there is a sample of the population, there is a statistic to be found.
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The difference between parameter and a statistic is that a parameter is a number obtained by calculation from a population while statistic is a number calculated ...
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