Statistic(s) and parameter(s)

Statistic(s) and parameter(s) – A statistic is a characteristic of a sample, whereas a parameter is a characteristic of a population. Thus, when we work out certain measures such as mean, median, mode etc from samples, then they are called statistic(s) for they describe the characteristics of a sample. But when such measures describe the characteristics of a population, they are known as parameter(s). For instance, the population mean (m) is a parameter, whereas the sample mean (X) is a statistic. To obtain the estimate of a parameter from a statistic constitutes the prime objective of sampling analysis.