Basic Sample Statistics and Parameters
First, we'll discuss the basic concepts of sample statistics and population parameters. Then, we'll talk about the degree of freedom, which is the number of independent pieces of information that a point estimate is based on. Finally, we will talk about variance, which depends on the degrees of freedom.
Introduction to Estimation
- A parameter is a value calculated in a population. A statistic is a value computed in a sample to estimate a parameter.
- The proportion of 0.63 is a statistic and point estimate because it is the proportion obtained from the sample and an estimate of the population proportion.