Business professional are interested in collecting data that can be used to predict future sales or customers' behavior. Parameters are characteristics of a _______ while statistics are characteristics of a ________.

Question

Quizplus · Accepted Answer

Parameters are characteristics of a population while statistics are characteristics of a sample.
Key Takeaway: It is important not to confuse a set of data drawn from a population with that of a sample. For example, a principal at a middle school of 500 students can average the ages of all the students which leads to a population parameter. If only students in the sixth grade are included in the calculation of the average, the resulting figure is a sample statistic.

Business Professional Are Interested in Collecting Data That Can Be