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A parameter and a statistic are two fundamental concepts in quantitative analysis and managerial decision-making. Both are numerical measures used to describe characteristics of data, but they differ mainly in the population or sample to which they refer. Understanding this distinction is essential because managers often make decisions about a large population by analysing information collected from a smaller sample. A parameter is a numerical measure that describes a specific characteristic of an entire population. A population refers to the complete set of individuals, objects, transactions, employees, customers, or other units under study. Parameters are generally represented by Greek letters. For example, the population mean is denoted by μ (mu), the population standard deviation by σ (sigma), and the population proportion by P. If a company wants to know the average monthly salary of all its 5,000 employees and calculates it __________ ____ ____ _________ ___ ______ ______ _______ ______ ________.
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