How Do Statistical Forecasting Methods Differ from Judgmental Forecasting Methods

question 49

Multiple Choice

How do statistical forecasting methods differ from judgmental forecasting methods with regard to the labor market?

• A)Judgmental methods are not useful in situations that have no historic precedent.
• B)Statistical methods are the best option for events that have no historic precedent.
• C)Forecasting using judgmental methods is always more precise than forecasting using statistical methods.
• D)Statistical methods are excellent for capturing historic trends.
• E)Judgmental methods are better than statistical methods for events that have historic precedent.

---

Definitions:

Compliance Strategies

Techniques used to persuade or influence someone to conform to rules or wishes.

Persuasion

The process of convincing someone to do or believe something through reasoning or the use of emotion.

Lower Power Parties

Those participants in a negotiation or conflict who possess less influence, resources, or status compared to other parties involved.

Business Deals

Agreements or transactions between businesses or individuals for the purchase, sale, or exchange of goods, services, or information.