CHAPTER 13

Financial Mathematics

CHAPTER AT A GLANCE

Inferential Statistics

Population and Sample

A population is a group of all distinct individuals or objects that you want to draw conclusions about. The number of individuals/objects in a population is called population size.

In statistics, we commonly use a sample that is a small subset of a larger set of data for making inferences about the large set. Here larger set is the population out of which the sample is drawn.

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Note:

  • Every time the sample size is smaller than the population’s total size.
  • The population refers to the entire group from which you want to draw conclusions.

Sampling

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