Universe, Population, and Sample in Research

 Here's a structured explanation of Universe, Population, and Sample in research, especially useful for designing surveys, experiments, or quantitative studies in any field—including finance, social science, education, and business management.

 Universe, Population, and Sample in Research

 1. Universe

Definition: The universe refers to the entire group of entities or observations that are theoretically relevant to a particular research study.

·         It is the broadest scope from which a population can be defined.

·         Can be finite or infinite depending on the study context.

Example:

In a study on global investment behavior, the universe includes all investors worldwide.

 2. Population

Definition: The population is a well-defined subset of the universe from which a researcher intends to draw conclusions.

·         It is bounded by specific characteristics such as geography, profession, age, income, etc.

·         Also called the target population or study population.

 Example:

For a study on retail investment preferences in India, the population might be all retail investors aged 18+ in India who invest in mutual funds.

 3. Sample

Definition: A sample is a subset of the population selected using a defined procedure to collect data and make inferences about the population.

·         It is used when studying the entire population is impractical.

·         Should be representative to allow valid generalizations.

·         Chosen through sampling techniques: random, stratified, purposive, etc.

 Example:

Selecting 500 retail investors from Mumbai, Delhi, and Bangalore to participate in a survey on mutual fund awareness.

 

 Relationship Diagram

Universe ➡️ Population ➡️ Sample
(All investors) ➡️ (Indian retail investors) ➡️ (500 surveyed investors)

 Key Differences

Feature

Universe

Population

Sample

Scope

Broadest

Narrower, defined subset

Smallest, selected from population

Purpose

Theoretical context

Target of study

Used for data collection

Size

Can be infinite or very large

Finite, but often large

Finite and manageable

Control

Not controlled directly

Defined by researcher

Selected using sampling methods

Example

All investors globally

Indian retail investors

500 investors surveyed in 3 cities

 Importance in Research Design

·         Helps define the research boundary

·         Supports accurate sampling and generalization

·         Ensures clarity in methodology section of your research paper or proposal

 In Research Reports, Specify Clearly:

·         Universe: Broader context or theoretical group

·         Population: Whom the study is actually about

·         Sample: Who was surveyed or studied and how they were chosen

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