A statistic is typically a known quantity while a parameter is typically an unknown quantity.

Name: A statistic is typically a known quantity while a parameter is typically an unknown quantity.
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Quizplus · Accepted Answer

This statement is true. A statistic is a numerical summary of a sample, and is known because it can be calculated from the data. A parameter is a numerical summary of a population, and is generally unknown because it cannot be directly observed and must be estimated from sample data.

A Statistic Is Typically a Known Quantity While a Parameter