If p = 0.6 for a particular Bernoulli process, the calculation $$\left( {\frac{{8!}}{{5! \times 3!}}} \right){\left( {0.6} \right)^3}{\left( {0.4} \right)^3}$$     indicates the probability of happening of

In statistical analysis, the burden of proof lies traditionally with

Business system consists

From the following statements choose the correct statements.
Statement I A statistic is a characteristic of a population.
Statement II The standard error of mean is the standard deviation of the sampling distribution.
Statement III The standard error of mean decreases in direct proportion to sample size.

. . . . . . . . processing is designed to process more than one type of transactions to bring out the specific business results in one or more business functions.