Describe the Judgment Method Technique of Forecasting

question 48

Essay

Describe the judgment method technique of forecasting.

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Definitions:

Confidence Interval

A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter, with a certain degree of confidence.

Population Mean

The average of a set of values for the entire population.

Significance Level

In statistical hypothesis testing, it is the probability of rejecting the null hypothesis when it is true, often denoted by alpha (α).

Sample SD

Standard deviation of a sample, a measure of the spread or dispersion of a set of data points within that sample.