Question

Why are population parameters unknown and very often unknowable? When might population parameters be knowable? In other words, what characteristics would a population need to have for its parameters to be knowable?

Answer 1

Population parameter will be unknown when there is a very large amount of population and it not easy for valuation for an entire population due to large nature of the population and it is infeasible to value all of the units. The population which are heterogeneous in nature are also not easy to value using population parameters.

they are mostly unknowable due to large amount of population and these parameters are not able to correctly value them.

when there is a small amount of population then these population parameter can be used efficiently and effectively in measuring entire population.

Characteristics which population will be needing in order to be knowable are as follows-

A. A small number of units in a population

B. Homogenous groups of population