A parameter is a characteristic of a population. A statistic is a characteristic of a sample. You draw a random sample of 100 subscribers and determine that their mean income is $27,500 (a statistic). You conclude that the population mean income μ is likely to be close to $27,500 as well.Click to see full answer. Then, how do you know if its a statistic or parameter?A statistic and a parameter are very similar. They are both descriptions of groups, like “50% of dog owners prefer X Brand dog food.” The difference between a statistic and a parameter is that statistics describe a sample. A parameter describes an entire population.Likewise, what is a parameter example? A parameter is any summary number, like an average or percentage, that describes the entire population. The population mean (the greek letter “mu”) and the population proportion p are two different population parameters. For example: The population comprises all likely American voters, and the parameter is p. Likewise, people ask, what does parameter mean in statistics? Parameters in statistics is an important component of any statistical analysis. In simple words, a parameter is any numerical quantity that characterizes a given population or some aspect of it. This means the parameter tells us something about the whole population.What is an example of a statistic?Statistic. A statistic is a characteristic of a sample. For instance, suppose we selected a random sample of 100 students from a school with 1000 students. The average height of the sampled students would be an example of a statistic. So would the average grade point average.