
Which of the following statements is correct?

Multiple Choice

A parameter is a measure that is calculated from a sample.


Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.


For day-to-day business data analysis, most firms rely on a large staff of expert statisticians.


A statistical test result that is significant also has practical importance.

The question asks which of the following statements is correct:

1. **A parameter is a measure that is calculated from a sample.**
2. **Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.**
3. **For day-to-day business data analysis, most firms rely on a large staff of expert statisticians.**
4. **A statistical test result that is significant also has practical importance.**

### Analysis:

1. **A parameter is a measure that is calculated from a sample.**  
   - **Incorrect.** A parameter is a measure calculated from the entire population, while a statistic is calculated from a sample.

2. **Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.**  
   - **Correct.** This statement accurately defines the field of statistics.

3. **For day-to-day business data analysis, most firms rely on a large staff of expert statisticians.**  
   - **Incorrect.** While some firms may employ statisticians, many rely on software and other professionals for day-to-day analysis.

4. **A statistical test result that is significant also has practical importance.**  
   - **Incorrect.** A significant result may not always have practical importance; significance refers to the likelihood that the result is not due to chance, but it does not necessarily imply practical significance.

### Correct Answer:
The correct statement is:
- **Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.**

Would you like more details or have any questions?

### Related Questions:
1. What is the difference between a parameter and a statistic?
2. How do businesses typically analyze data if not through a large staff of statisticians?
3. What is the difference between statistical significance and practical significance?
4. What are the main branches of statistics?
5. Can you give examples of software used for statistical analysis in business?
6. How does sample size affect the reliability of a statistic?
7. What are some common misinterpretations of statistical results?
8. How is data organized and presented in statistical analysis?

### Tip:
Always differentiate between a parameter and a statistic to avoid confusion in data analysis.

Explore and understand correct statements in statistics through a detailed analysis. Learn about the definition of statistics, the difference between parameters and statistics, statistical significance, and more. Gain insights suitable for higher education and beyond.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation