A statistic is a numerical summary calculated from sample data. It provides information about a specific sample but may not accurately reflect the characteristics or behavior of an entire population.
Related terms
Sampling Error: Sampling error occurs when there are differences between sample statistics and corresponding population parameters due to chance.
Sampling Distribution: The sampling distribution shows how different sample statistics vary across multiple random samples taken from the same population.
Confidence Interval: A confidence interval provides an estimated range within which we believe the true parameter value lies with a certain level of confidence.