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AUTHOR: CA VENKAT SHESHAN

Quantitative Analysis

Introduction to Statistics and its Relationship with Risk Management

Population

It refers to the Collection of all elements that comprises the entire universe possessing common characteristics.

A population to be studied or measured. Measures generated reflect the behavior of the population.

Examples

Examples

You can use different Statistical Surveys to measure related but different universes.

Sometimes, it’s not practical or it is impossible to measure the entire population.

In such cases, Sampling is an option.