Parameter, Sample Statistic, and Frequency Distribution

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Earlier we took an example of measuring the average savings for a group of 100 families. This data of 100 families represents the population. The properties of a population such as mean and standard deviation are called parameters.

Instead if we wanted to measure the average savings of an entire country, we would take a sample and then use that sample whose characteristics will be used to represent the entire population. These properties of sample are not called parameters, but sample statistics.