Calculate a sample statistic that estimates the parameter

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Reference no: EM13241574

A parameter is a population characteristic. The numerical value of a parameter usually cannot be determined because we cannot measure all units in the population. We have to estimate the parameter using sample information.

A statistic is a characteristic of a sample. A statistic estimates a parameter.

To estimate the parameter, we take a random sample from the population and use the sample to calculate a sample statistic that estimates the parameter.

Reference no: EM13241574

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