Question

Print-O-Matic would like to estimate their mean salary of all employees. To accomplish this they collect the salary of 19 employees. State the individual, variable, population, sample, parameter, and statistic.

Answer 1

Individual – a person or object that you are interested in finding out information about.

Individual - Employee of the company

Variable – the measurement or observation of the individual.

Variable - Salary of Employees in the company

Population – set of all values of the variable for the entire group of individuals.

Population - All Employees of the company

Sample – a subset from the population. It looks just like the population, but contains less data.

Sample -  19 employees of the company

Parameter – a number calculated from the population. Usually denoted with a Greek letter. This number is a fixed, unknown number that you want to find.

Parameter - mean salary of all employees calculated from population.

Statistic – a number calculated from the sample. Usually denoted with letters from the Latin alphabet, though sometimes there is a Greek letter with a ^ (called a hat) above it. Since you can find samples, it is readily known, though it changes depending on the sample taken. It is used to estimate the parameter value.

Statistic - mean salary of all employees calculated from sample.