What is the term for a subset of a population selected for analysis?

Prepare for the Statistics, Modeling and Finance Exam. Leverage flashcards and multiple choice questions with detailed explanations. Achieve exam success!

The correct term for a subset of a population selected for analysis is a sample. In statistics, a sample is used because it is often impractical or impossible to collect data from an entire population. By analyzing a sample, researchers can draw conclusions about the larger population while saving time and resources.

Samples allow for the application of statistical techniques to make inferences about population parameters, such as means or proportions. They must be chosen carefully to ensure they accurately represent the population, minimizing bias and ensuring valid results.

The other terms listed have different meanings in statistical contexts. A parameter refers to a characteristic or measure of a whole population, while an aggregate refers to the total or sum that results from combining individual items. A variat is not a standard term used in statistics.

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