If it's too time consuming, expensive or otherwise impractical to collect data from the entire population of interest you can derive equally valid results from a random representative sample of adequate size. This saves time, money and other resources.
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Statistics are used in auditing. Auditing a large company with millions of transactions would be impossible. So auditors pull a statistical sample to determine if accounting records are correct.
because its faster and then when you use a sample you can easily make accurate predictions about what would/will happen next
businesses would use them to predict trends in data and statisticians would use them to extrapolate the results of a sample group of a study or survey.
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Sample size is the number of samples arawn from a population. If you drew 20 samples, your sample size would be 20.