In the real world, it is often not possible to collect data about an entire population to conduct a statistical analysis. For example, to make conclusions about the saving habits of families in a city, it would be impractical to collect and analyse savings data about each and every family in the city. Instead, a small group of families, called a sample, can be used to represent the entire population. We can then use this sample to perform our statistical analysis and estimate parameters for the population. These parameters will however only be estimates of the actual parameters of the population.
Learn about how to obtain sample data and use the sample to estimate parameters of the population.