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After they agreed that they needed a new car, Arthur and Mary reviewed the back issues of Consumer Report magazine and made a joint decision to purchase a mid-size car. The way that they handled this decision suggests that their marriage is:
Parameter
A numerical characteristic or measure that describes and summarizes a whole population.
Statistic
is a single measure, calculated from sample data, used to infer or describe properties of a population.
Significance Level
A threshold for determining whether a statistical result is considered statistically significant, usually denoted by alpha (α).
Statistical Inference
The process of drawing conclusions about population parameters based on data from a sample.
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