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.

Question

Quizplus · Accepted Answer

The statement "The more random the sample, the less accurate the statistical analysis will be, in part, because randomness eliminates bias" is inaccurate. In fact, random sampling is preferred in statistical analysis because it helps to reduce bias and increase the accuracy of the results.

All of the Following Statements Are TRUE About Basic Statistical