Statistic

Definition

A statistic is a numerical measurement describing some characteristic of a sample. It is used to make inferences about the population from which the sample was drawn.

5 Must Know Facts For Your Next Test

1. The term 'statistic' refers specifically to data derived from a sample, not the entire population.
2. Common examples of statistics include measures like mean, median, mode, and standard deviation.
3. Statistics can be categorized as either descriptive or inferential.
4. A statistic can be biased if the sample is not representative of the population.
5. In business statistics, statistics are crucial for making decisions based on data rather than intuition.

Review Questions

• What distinguishes a statistic from a parameter?
• Why is it important for a statistic to come from a representative sample?
• Can you list three common types of statistics and what they measure?

Related terms

Parameter: A numerical measurement describing some characteristic of a population.

Descriptive Statistics: Statistics that summarize or describe characteristics of a dataset.

Inferential Statistics: Statistics that use data from a sample to make inferences about a population.