Quantitative Methods Questions
In the context of quantitative methods, a parameter refers to a numerical characteristic of a population, which is the entire group being studied. It is usually unknown and is estimated using sample data. On the other hand, a statistic is a numerical characteristic of a sample, which is a subset of the population. It is calculated from the sample data and is used to estimate the corresponding population parameter. In summary, a parameter describes the population, while a statistic describes the sample.