We can reduce the number of different statistical procedures needed to solve business problems by applying procedures based on the normal distribution to problems involving binomial and proportion random variables.

Question

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This statement is true. The central limit theorem states that under certain conditions, the distribution of a sample mean or proportion will be approximately normal, even if the original data is not normally distributed. Therefore, we can use procedures based on the normal distribution to solve problems involving binomial and proportion random variables, which can help reduce the number of different statistical procedures needed.

We Can Reduce the Number of Different Statistical Procedures Needed