In Selecting an Appropriate Forecasting Model,the Following Approaches Are Suggested

question 86

Multiple Choice

In selecting an appropriate forecasting model,the following approaches are suggested:

• A)Perform a residual analysis.
• B)Measure the size of the forecasting error.
• C)Use the principle of parsimony.
• D)All of the above.

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Definitions:

Margin of Error

Margin of Error is a statistic expressing the amount of random sampling error in a survey's results, indicating the potential variability in the results.

Confidence Intervals

An interval of values, sourced from statistical analyses of a sample, that is conjectured to include the value of a mysterious population parameter.

Binomial Distribution

A probability distribution that summarizes the likelihood that a value will take one of two independent states under a given number of trials.

Sampling Distribution

Sampling Distribution is the probability distribution of a given statistic based on a random sample, used to make inferences about a population.