ABSTRACT
A sample is not studied for its own sake. The basic objective of its study is to draw an inference about the population. Sampling helps to know the characteristics of the universe or population by examining only a small part of it. The values obtained from the study of a sample such as the average and dispersion are known as a ‘statistics’. On the other hand, such values for the population are called ‘parameters’. Any characteristic of a sample is called statistics. To study the population characteristic, a manager can go for either complete enumeration (census) or a sampling study. A sample statistic is a numerical summary measure calculated from sample data. The mean, median, mode and standard deviation calculated for sample data are called sample statistics.
