The difference between parameter and statistic is that a parameter is a fixed measure that describes the entire population, but a statistic is a feature of a sample, which is a subset of the target population. In contrast to the statistic, which is a known number independent of the sample size, the parameter is a fixed, unknown numerical value. A statistic is a numerical representation of some demographic or other grouping information. Statistics are characteristics of a sample, while parameters are fixed measures describing an entire population. |