Bible study: Is this really the parable of the lost son?

Luke chapter 15

In this chspter we will look at the message Jesus is conveying to us by parables. Is this chapter really about the lost son? If so then how does this apply to us today?

On  last night I texted my sons that watching them go through life reminds me of when they where toddlers and began too walk; after releashing thier hand , I had to stand back and watch them them when they took their first steps alone, I had to watch them fall down only to arise again. Is this how Jesus sees and watches over us?