Let us analyze each statement based on standard operating system process state transitions under preemptive scheduling:
Statement I is TRUE: In a preemptive scheduling environment, a running process can be preempted (e.g., due to a timer interrupt when its time quantum expires, or when a higher-priority process arrives) and moved back to the ready state.
Statement II is TRUE: When the CPU scheduler selects a process from the ready queue (scheduler dispatch), the process transitions from the ready state to the running state.
Statement III is FALSE: A blocked (or waiting) process cannot transition directly to the running state. When its pending I/O or event completes, it must first move to the ready state.
Statement IV is TRUE: When the I/O operation or requested event completes, a process in the blocked (waiting) state transitions to the ready state.
Thus, statements I, II, and IV only are TRUE, which corresponds to option C.