|M3Q1: What is the difference between the parameter and statistic?
ANS: The parameter, representing a statistical characteristic of the population, is a constant for the given population, but, the statistic, representing a statistical characteristic of the sample, is a variable.
|M3Q5: While calculation of variance, sometimes the divisor is found to be n-1, where n is sample size, and sometimes it is found as n? Why is it so?
ANS: While calculating the sample variance, the divisor should be n, and this is known as a biased estimator of population variance. But, when the divisor is n-1, the resulting expression is known as an unbiased estimator of population variance.