Discuss the difference between population and sample data. Which one is used most often in statistics and why?

What will be an ideal response?

Population data consists of an entire population of which data is collected. In the context of a business, the population would be every customer who has purchased a product or service. Sample data is a subset of the population often derived from a random process. Sample data is most often used in statistics because it is very difficult and expensive to survey or collect data on an entire population. Random samples are much easier and less expensive to analyze.