Which of the following statements is correct?
A)A parameter is a measure that is calculated from a sample.
B)Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.
C)For day-to-day business data analysis, most firms rely on a large staff of expert statisticians.
D)A statistical test result that is significant also has practical importance.

Question

Quizplus · Accepted Answer

Option B is correct as it provides a comprehensive definition of statistics, which includes all the essential aspects of the subject. Option A is incorrect as a parameter is a descriptive measure of a population, not a sample. Option C is incorrect as many businesses do not have a large staff of statisticians and often outsource these services. Option D is incorrect as statistical significance and practical significance are not necessarily the same and can be unrelated.

Which of the Following Statements Is Correct