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What Is The Parameter Of Interest In Statistic?

by Altaf Shaikh
what is the parameter of interest in statistic?

What Is The Parameter Of Interest In Statistic? This what we will be learning about today in this article. We have mentioned everything about the parameter of interest including the symbol, example, formula, and everything else that you should know.

What Is The Parameter Of Interest In Statistic?

The Parameter of interest in statistics meaning is as explained below

In mathematics parameter in an equation is something that has been passed on in the equation and it means something different in the statistics.

The parameter of Interest in the statistic is a value that gives you information about the population. It is also the opposite of the statistic and it will tell you something about the small part of the population.

Parameter Of Interest Statistics Definition

Parameter of Interest statistics is defined as the value that gives you information about the population

What Is The Population Parameter Of Interest?

The population parameter of interest is the parameters that are unknown numbers and they describe the population. It is a value that gives you information about the population. It is also the opposite of the statistic and it will tell you something about the small part of the population.

What Is The Symbol For Parameter Of Interest?

Parameter Of Interest Symbol is µ

What Is The Parameter Of Interest Example?

Here is an example of the parameter of interest.

You might be interested to know the average age of every student in the class and you found that the average age of every student is 25 years. This will be the parameter as you have asked everyone in the class. Now let’s say that you want to know the average age of everyone in your grade or year.

Now if you use the information of your class to guess the average age of everyone in the grade or year then this information becomes static. This is because you cannot be sure about your guess that is correct or not. Even though you will be very close to the correct answer.

Parameter Of Interest Notation

The parameters are commonly Greek letters for example “o” and statistics are commonly Roman letters for example “P”, most commonly you will see it in lower case as “p”. Here is a table that has different symbols some may look the same but lower case and upper case make the difference.

MeasurementStatistic (Roman or lower case letter)Parameter (Greek or Upper case letter)
Population ProportionPP
Data ElementsxX
Population Meanµ
Standard deviationsσ
VarianceS2σ 2
Number of elementsnN
Correlation CoefficientRρ

FAQ

What is the parameter of interest example?

The parameter of interest is µ, the average GPA of college students is 2.7. The sample will be a random selection of 100 college students. The statistic is the mean grade point average that is xˉ which is the sample of those 100 students. The value of the sample mean will be 2.9

How do you know if it’s a parameter or statistic?

A parameter is a fixed measure that describes the whole population whereas a statistic is a characteristic of sample pr portion of the targeted population

Is P hat a statistic or parameter?

A statistic is an estimate of a parameter or predicted value. It is called p-hat and it is the proportion of the sample set that can be used to predict the proportion p of the large population

Conclusion

Parameter of interest is the population proportion that is p. Parameter of Interest in the statistic is a value that gives you information about the population. It is also the opposite of the statistic and it will tell you something about the small part of the population. Above we have answered every question related to what is a parameter of interest to help you understand your query

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