Final answer:
The best value for K in K-Nearest Neighbor (KNN) algorithm can be chosen based on the data and context.
Step-by-step explanation:
The correct statement about K-Nearest Neighbor (KNN) algorithm is: The best value for K can be chosen based on the data and context. The value of K does affect the precision and the usefulness of the results. The smaller the value of K, the more useful the results, as it considers a smaller number of neighbors. However, as the value of K increases, the algorithm considers a larger number of neighbors, which can lead to more precise results.