The letter P stands for sample percentage in a symbol. It appears in equations as a lower-case p with a little caret above it.
Understanding the distinction between a population and a sample is necessary before learning what the phat sign means and how it is utilised. The term “population” in the study of statistics refers to the entire group being investigated. On the other hand, a “sample” is only a portion of that group.
A sample should, in theory, be typical of the entire group, allowing statisticians to examine the customs, tendencies, and traits of that small group and then extrapolate the results to the full population.
A lower-case p without a caret above it denotes “population proportion” in statistics. A statistician takes the entire group into account when calculating the population proportion.
A portion of the sample of the complete group is what is meant by the phat symbol, which is used to denote an even smaller group. When discussing survey results, the phat is frequently employed.
For instance, when a statistician asks a sample of 500 persons if they enjoy grape soda, 342 respond affirmatively, 100 disagree, and 58 respond neutrally. The statistician wants to know what percentage of people prefer grape soda, thus an equation will be created to determine the phat, or the percentage of people who said “yes.” Following that, the percentage or fraction of the sample group will be used to express the results.