Question

Which of the following statements is correct? Group of answer choices 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. A parameter is a measure that is calculated from a sample. Statistics is the science of believability.

Answer 1

Explanation:

From the answer choices available the answer that is correct is that for day-to-day business data analysis, most firms rely on a large staff of expert statisticians. This is because on a daily basis firms receive large sets of data from all of their business movements, therefore a large staff of highly experienced individuals is needed in order to handle and document all of these numbers carefully so that no mistakes are made. The smallest mistake in the firm's financial accounts can lead to a very costly loss for the company.