What is Parameter and its common factors with explanations:

What is Parameter and its common factors with explanations:

A parameter is a useful component of statistical analysis. It refers to the characteristics used to define a given population. It used to describe a specific feature of the entire community. When making an inference about the people, the parameter is unknown because it would be impossible to collect information from every member of the population. Instead, we use a statistic of a sample picked from the community to derive a conclusion about the parameter.

For example, the parameter used to describe the mean amount of loans that, awarded to the students of ABC University. Assuming that the population of the university is 3,000, the researcher can start by calculating the financial aid of a few select samples of the community, or about ten students. With three models of 10 students each, the researcher may obtain a mean of $2,000, $1,200, and $800. The researcher can use this sample mean to make an inference about the population parameter. Hope you know, what is the parameter of interest or do reading this article. 

Most Common Parameters:

The most commonly used parameters are the measures of central tendency. These measures include mean, median, and mode, and they are used to describe how data behaves in a distribution. They discussed below:

1. Mean

The mean also referred to as the average, and it is the most commonly used among the three measures of central tendency. Researchers use the parameter to describe the data distribution of ratios and intervals.

The mean is obtained by summing and dividing the values by the number of scores. For example, in five households that comprise 5, 2, 1, 3, and 2 children, the mean can be calculated as follows:

= (5+2+1+3+2)/5

= 13/5

= 2.6

2. Median

The median used to calculate variables that, measured with ordinal, interval, or ratio scales. It is obtained by arranging the data from the lowest to the highest and then picking the number(s) in the middle. If the total number of data points is odd, the median is usually the middle number. If the numbers are even, the median is obtained by summing the two numbers in the middle and dividing them by two to get the mean.

Median mostly used when there are a few data points that are different. For example, when calculating the median of students entering college, there may be a section of students who are older than the rest. Using the mean may distort the values since it will show that the average age of students entering college to be higher, whereas utilising the median can give a more accurate reflection of the situation.

For example, let’s find the median age of students entering college for the first time, given the following values often students:

17, 17, 18, 19, 19, 20, 21, 25, 28, 32

The median of the values above is (19+20)/2 = 19.5.

3. Mode

The mode is the most occurring number within a data distribution. It shows what number or value is the highest in number or most common in the data distribution—the mode used for any data kind.

For example, let’s take the instance of a college class with about 40 students. The students given a test exam, graded, and then grouped on a scale of 1-5, starting with students with the lowest number of marks.

The marks graded as follows:

Cluster 1: 5

Cluster 2: 7

Cluster 3: 13

Cluster 4: 12

Cluster 5: 3

Cluster 3 shows the highest number of students and, therefore, the mode is 13. It reveals that out of 40 students, graded most of the students in cluster 3.

How To Write Statistical Report: Step By Step Guide

The statistical report is a way of presenting large amounts of data in a convenient form. It makes them appropriate for both the non-experienced audience and for professionals.

Teachers often give their students a task to do a statistical analysis report during the course on this subject. It is not an easy task. You need statistical analysis skills, learn methods and tools. You need to researching abilities to gather information from reliable sources. And you need to possess the skills of writing to make the report readable.

Many students have issues while performing this task; that’s why we want to help. In this article, you can find the information on the procedure, the contents and structure of this work, and handy tips on how to write a statistics report worth excellent grades.