All of the Following Statements Are TRUE About Basic Statistical

question 93

Multiple Choice

All of the following statements are TRUE about basic statistical methods to business EXCEPT:

• A)With so much data so easily available, it is becoming increasingly important that people in business understand how to use that data to make good, strategic decisions.
• B)Statistical methods can be used to analyze business data to support good decision making.
• C)Statistics can be used to determine effectiveness of advertising campaigns, to understand what factors contribute to the demand for your products, to spot seasonal trends in the sales of certain products, and much more.
• D)The more random the sample, the less accurate the statistical analysis will be, in part, because randomness eliminates bias.

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Definitions:

Eskimo System

Refers to a kinship system that distinguishes relatives based directly on their relationship to the ego or the speaker, common in Western societies.

Equal Prestige

Situation in which different statuses, roles, or positions in society are regarded as equally respectable.

Evaluation System

A structured process or set of criteria used for assessing performance, quality, or outcomes in various contexts.

Mother's Line

A principle of lineage or descent traced exclusively through the maternal lineage, highlighting the significance of motherhood in certain cultures.