To estimate a population parameter, we compute the corresponding characteristic of the sample known as a...

Master Arizona State University's ECN221 Business Statistics Exam with our resources. Utilize flashcards and multiple-choice questions. Understand every concept with hints and explanations to excel in your exam!

To estimate a population parameter, we compute the corresponding characteristic of the sample known as a sample statistic. This sample statistic is derived from data collected from a sample, and it serves as an estimator for the population parameter we are interested in.

For example, if we want to estimate the population mean, we would calculate the mean of the sample, which is referred to as the sample mean. This sample mean is a specific type of sample statistic that helps us draw conclusions about the overall population based on the sample data.

Using sample statistics is a fundamental aspect of inferential statistics, as it allows researchers to make inferences about a larger population without needing to collect data from every single member of that population. The other options, while related to the field of statistics, do not directly refer to the characteristic of the sample used to estimate population parameters.

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