Seems like such simple subject but it can be very confusing to a lot of students, especially me. Thank you for doing such good job explaining and highlighting the differences between a statistic and parameter
How is the Miami one a parameter? Miami homes do not represent all homes in Florida or the US. Still confused. Also, a US population survey is not representative of the whole world. Where is the real difference then?
To answer these kinds of questions, you have to think about what is being calculated using the data. The average sale price for homes being sold at auction last year is a parameter for the population of interest: sale prices for homes sold at auction last year in Miami. This is not explicitly stated in the problem, but it is implied. If your interest as a researcher extended beyond last year and beyond homes sold at auction in Miami, you would certainly have selected a random sample that consisted of different sorts of sales from a wider time horizon. In this case, they took all of those home sales, so the average obtained from the data is a parameter. Of course, if your population of interest was the sale prices of all homes sold in Miami last year or in the nation or ... then the average would only be a statistic (and not a very representative one at that).
Since the zoo is only interested in its animals and the animals in the zoo are not meant to be a representative sample of the world’s population of animals, the 8% is a parameter. If someone randomly sampled 843 animals in a rain forest and found 8% were nocturnal, then I’d say 8% was a statistic because the sample was intended to give us an idea of the population of animals living in the rain forest. The sample is not the entire set of animals in the forest.
Seems like such simple subject but it can be very confusing to a lot of students, especially me. Thank you for doing such good job explaining and highlighting the differences between a statistic and parameter
So well explained 👏 I got 100% on my Homework. Thank you for the video!
Thank you for keeping this short and to the point, appreciate it👍
Awesome way of explaining!!! I can’t wait to use your technique this semester! Thank you so much!
Glad it was helpful!
Thank you for breaking it down the way you did, you are awesome. My second semester and I get stuck in statistics smh.
Thanks
I wish our prof explained things this way
Excelent. Came here after my class and I get what a parameter is now.
Happy I could help!
very straightforward break down. Good stuff.
Thank you!
Thank you for your video! It has been very helpful!
You’re welcome! I’m glad it was helpful.
Great video!! Very helpful and easy to follow. Thank you sir!!!
You’re welcome!
Clear and concise
Thank you!
thank you so much, very well explained❤️
Thank you so much. I got 100% on my homework.
Wow, that’s great!
How is the Miami one a parameter? Miami homes do not represent all homes in Florida or the US. Still confused.
Also, a US population survey is not representative of the whole world. Where is the real difference then?
To answer these kinds of questions, you have to think about what is being calculated using the data. The average sale price for homes being sold at auction last year is a parameter for the population of interest: sale prices for homes sold at auction last year in Miami. This is not explicitly stated in the problem, but it is implied. If your interest as a researcher extended beyond last year and beyond homes sold at auction in Miami, you would certainly have selected a random sample that consisted of different sorts of sales from a wider time horizon. In this case, they took all of those home sales, so the average obtained from the data is a parameter. Of course, if your population of interest was the sale prices of all homes sold in Miami last year or in the nation or ... then the average would only be a statistic (and not a very representative one at that).
Love your videos😍
Thank you 😊
thanks man i was trying to figure it out on my own, but i said fuck it let me be 100% sure. thanks for explaining in such simple terms.
Happy to help!
Thanks for sharing
You’re welcome
Awesome. Thanks.
Thank you
U are the G.O.A.T... thanks lol
🙏Thanks!
Certain zoo found that 8% of its 843 animals were nocturnal. is 8% a parameter or a statistics? I am so confused.
Since the zoo is only interested in its animals and the animals in the zoo are not meant to be a representative sample of the world’s population of animals, the 8% is a parameter. If someone randomly sampled 843 animals in a rain forest and found 8% were nocturnal, then I’d say 8% was a statistic because the sample was intended to give us an idea of the population of animals living in the rain forest. The sample is not the entire set of animals in the forest.
@@dmcguckian Thank you
So good!!!!!!
Thank you!
You’re welcome!
So helpful! PP SS I get it now!
Thank you
You’re welcome