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What is Parameter?
Parameters in statistics are defined as the exact set of data or the value which is fixed in each and every time. Parameters never change. For estimation theory, the parameters are constructed on testing hypothesis or based on the observation of data. There is a small but important difference between parameters and statistics is, statistics values are mostly based on assumption, where the parameters are perfect and detected after observing.
The word parameter itself clear it’s meaning of detecting values or measurement for any specific system. If the statistics is a sample then the value of parameter is the population and this sample is taken from the population. Sample mean and the sample variance can be taken from mean parameters and variance parameters.
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