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Homework answers / question archive / Why is important to know if we are dealing with a population or a sample?

Why is important to know if we are dealing with a population or a sample?

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Why is important to know if we are dealing with a population or a sample?

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The most important difference when we handle a population or when we handle a sample is that when we handle a population, all the parameters that we obtain from it (mean, median, variance, proportion, etc.), will be exact measurements of the population, while if we work with a sample, what is obtained are approximate parameters (good or bad) of the exact parameters of the population, with which the only thing we can do is make inferences about these exact values of the population.