What are population and sample in Inferential Statistics, and how are they different?
A population is a large volume of observations (data). The sample is a small portion of that population. Because of the large volume of data in the population, it raises the computational cost. The availability of all data points in the population is also an issue.
In short :
* We calculate the statistics using the sample.
* Using these sample statistics, we make conclusions about the population.
