SOLUTION: A financial institution would like to determine the proportion of home owners who quality for a break in their loans repayments. The financial institution selects 1000 home owners

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Question 1179572: A financial institution would like to determine the proportion of home owners who quality for a break in their loans repayments. The financial institution selects 1000 home owners at a ransom and determines the number of home owners who qualify for the break in repayments. For the study above, determine the population, the sample, the parameter and the variable.
Answer by CPhill(1987) (Show Source):
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Here's the breakdown of the study components:
* **Population:** All home owners who have loans with the financial institution. This is the entire group that the institution wants to draw conclusions about.
* **Sample:** The 1000 home owners randomly selected by the financial institution. This is the subset of the population that is actually being studied.
* **Parameter:** The proportion of all home owners (the entire population) who qualify for the break in loan repayments. This is the unknown value that the institution wants to estimate.
* **Variable:** Whether or not a home owner qualifies for the break in loan repayments. This is the characteristic being measured for each home owner in the sample. It is a categorical variable (qualitative) with two categories: "qualifies" or "does not qualify".