Parameter

a parameter is any numerical quantity that characterizes a given population or some aspect of it. This means the parameter tells us something about the whole population. A parameter is a number describing something about a whole population. eg population mean or mode.

A parameter is a value, usually unknown (and which therefore has to be estimated), used to represent a certain population characteristic. For example, the population mean is a parameter that is often used to indicate the average value of a quantity. Within a population, a parameter is a fixed value which does not vary. Each sample drawn from the population has its own value of any statistic that is used to estimate this parameter. For example, the mean of the data in a sample is used to give information about the overall mean in the population from which that sample was drawn. Parameters are often assigned Greek letters (e.g. assigned Roman letters (e.g. s). ), whereas statistics are

In its common meaning, the term is used to identify a characteristic, a feature, a measurable factor that can help in defining a particular system. A Parameter is an important element to take into consideration for the evaluation or for the comprehension of an event, a project or any situation.

Stastistic
A statistic is something that describes a sample (eg sample mean)and is used as an estimator for a population parameter. (because samples should represent populations!)

A statistic is a quantity that is calculated from a sample of data. It is used to give information about unknown values in the corresponding population. For example, the average of the data in a sample is used to give information about the overall average in the population from which that sample was drawn. It is possible to draw more than one sample from the same population and the value of a statistic will in general vary from sample to sample. For example,

the average value in a sample is a statistic. The average values in more than one sample, drawn from the same population, will not necessarily be equal. Statistics are often assigned Roman letters (e.g. m and s), whereas the equivalent unknown values in the population (parameters ) are assigned Greek letters (e.g. and ). A statistic and a parameter are very similar. They are both descriptions of groups, like 50% of dog owners prefer X Brand dog food. The difference is that statistics describe a sample, whereas a parameter describes an entirepopulation. For example, if you randomly poll voters in a particular election and determine that 55% of the population plans to vote for candidate A, then you have a statistic: you only asked a sample of the population who they are voting for, then you calculated what the population was likely to do based on the sample. Alternatively, if you ask a class of third graders who likes vanilla ice cream, and 90% of them raise their hands, then you have a parameter: 90% of that class likes vanilla ice cream. You know this because you asked everyone in the population.