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What are the quality parameters of a conventional WAV file?
The Golden Rule: the higher the quality, the larger the file.
The method of encoding, for example PCM (pulse code modulation). I do not know how much effect, if any, the method of encoding has on quality or file size.
The frequency. The higher the frequency, the better the quality and the larger the file. A frequency of 44,100Hz (44.1KHz) gives very good quality.
The number of bits, sometimes called the resolution. The higher the number of bits, the better the quality and the larger the file. 8-bits is roughly equivalent to AM (medium wave) radio quality, 16-bits to FM (VHF) radio and audio CD quality.
The number of channels, in other words mono or stereo. Stereo files are twice the size of equivalent mono files.
What are the quality parameters of an MP3 file?
The Golden Rule: the higher the quality, the larger the file.
The bit rate. The higher the bit rate, the better the quality and the larger the file. A bit rate of 128kBit gives very good quality, indistinguishable to me from audio CD quality. Bit rates below 128kBit give noticeable distortion, which may be acceptable for speech but rarely is for music.
The number of channels, mono or stereo.