Population Parameter
In statistics, a population parameter is a numerical value that describes a characteristic of a population. It is a fixed value that is usually unknown and estimated from a sample. Population parameters are important in data science because they help us make inferences about a population based on a sample. Common population parameters include mean, variance, standard deviation, correlation coefficient, and regression coefficient. Estimating population parameters is a fundamental task in statistical inference, and it involves using sample statistics to make educated guesses about the true values of population parameters. The accuracy of these estimates depends on the size and representativeness of the sample, as well as the variability of the population. In data science, population parameters are used to build models, make predictions, and test hypotheses.
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