Questions: 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, 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.

Solution Steps

To determine which statement is correct, we need to evaluate each statement based on definitions and common knowledge in statistics. We will check the validity of each statement and identify the correct one.

We have four statements to evaluate regarding their correctness in the context of statistics.

1. Statement A: A parameter is a measure that is calculated from a sample.
   This is incorrect. A parameter is defined as a measure calculated from a population, not a sample.

2. Statement B: Statistics is the science of collecting, organizing, analyzing, and presenting data.
   This statement is correct and accurately describes the field of statistics.

3. Statement C: For day-to-day business data analysis, most firms rely on a large staff of expert statisticians.
   This is generally incorrect. Most firms utilize software tools for data analysis and do not require a large staff of statisticians.

4. Statement D: A statistical test result that is significant also has practical importance.
   This statement is incorrect. Statistical significance does not imply practical importance.

From the evaluation, only Statement B is correct.

Final Answer