
Parameter Definition in Statistics
In statistics, parameters are numerical characteristics that describe a population or distribution. They summarize important aspects of the population. For example, in a normal distribution, the mean and variance are key parameters that define the distribution. Parameters are often denoted by Greek letters (e.g., μ for mean) and are used to create a parametric family, which consists of all distributions defined by the same parameters.
There is typically at least one parameter in every distribution. Some distributions can have different multiples of parameters. The exponential can have up to two, the lognormal have up to 3. This article deals with the Weibull distribution which can have 2 or 3 parameters.
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