Parameter: A numeric measure describing a characteristic of a population.

ProbabilityDistribution: A function that gives the distribution of possible values of a random variable and their probability of occurring. Random Variable: A variable or function whose values are numerical outcomes of a random phenomenon. Timeseries data: Sample of observations on the same experimental unit taken at various points in time [ are often, but not always, even spaced] Cross--sectional data: Observations for a sample of experimental units from a single point in time. Panel Data: Cross--sectional data observed at various points in time [also referred to as cross--sectional, time--series data]