Recently, a marketing research company reported that based on a random sample of 300 households the mean number of trips to a major shopping mall per month per household is 4.12 trips. This value is referred to as a parameter and is subject to sampling error.

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This value is referred to as a statistic because it is derived from a sample, not the entire population. Parameters describe the entire population, while statistics describe samples.

Recently, a Marketing Research Company Reported That Based on a Random