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An explanation of the differences between population parameters and sample statistics. It covers the concept of having access to all data (population) versus working with a subset (sample), and discusses examples of population parameters such as mean and standard deviation, as well as sample statistics like sample mean and sample standard deviation.
Typology: Exercises
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Objective: Understand the difference in a statistic and a parameter
have ALL data have^ some^ of^ the^ data.
information obtained from a population/ all data information obtained from a sample/ some of the data
s Need 4 min end of clas
In other words, sample 50 people, find the mean and repeat over and over again. This will reduce the chances of being in accurate. If the first group had someone with a ton of cash, the 2nd 3rd or 4th group might have someone with very little cash that balances things out.