A parameter is a characteristic, like mean or median, that describes the population, while a statistic is a characteristic that describes a sample.

Your statement about the difference between a parameter and a statistic is correct.

Explanation:

1. Parameter: A parameter is a numerical characteristic of a population. It is a fixed value that is typically unknown and can only be estimated through the use of statistics. Examples of parameters include the population mean $\mu$, population variance $\sigma^2$, and population proportion $p$.

2. Statistic: A statistic, on the other hand, is a numerical characteristic of a sample. It is calculated from the sample data and is used to estimate the population parameter. Examples of statistics include the sample mean $\bar{x}$, sample variance $s^2$, and sample proportion $\hat{p}$.

Summary:

• Parameter: Describes the entire population (e.g., mean of the population $\mu$).
• Statistic: Describes a sample drawn from that population (e.g., mean of the sample $\bar{x}$).

If you have any specific questions about parameters and statistics, feel free to ask!