Understanding the difference between parameter and statistic
We are going to understand about the major difference between parameter and statistic in the article below.
The parameter
Parameter is the study of the whole population. The data size in the parameter is comparatively more and larger. It is not suitable to get it done all the time. Therefore, it is generally avoided by researchers for studies.
Statistics
Statistics is also a study of the population but with a sample size. The data size is smaller.
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