Week 2: Difference between sample and Parameter

Im confused between both the terms sample and parameter. both are pointing to the small group considered for survey. Could someone please clarify.
Sample refers to subgroup of population to draw inference
Parameter refers to numeric property of entire population

Hi @gispadhu,
Let’s take an example to understand the fundamental differences between these terms.
A census data is collected by taking a nationwide survey, and we will call set of all the datapoints collected during this survey as Population. And measures of center or spread like mean, median, std etc. computed from this whole set of data will be called Parameters.
Whereas, let’s say we want to work on a subset of data from this Population, we will call it a Sample. and things like mean median for this subset will be called Sample statistics.

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@Ishvinder already gave good detail, in short. One more correction, it is not clear “Sample Statistics”

  1. Parameters will be observed from “Population”
  2. Statistics will be observed from “Sample” (subset in the Population)
  • Ganesh
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