How Is a Typical Forecasting Process Similar to the Plan-Do-Study-Act

question 65

Essay

How is a typical forecasting process similar to the Plan-Do-Study-Act (PDSA) cycle? (See Chapter 5 for more information on PDSA)

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Definitions:

SRS

Simple Random Sample, a basic sampling technique in which each member of the population has an equal chance of being included in the sample.

P-value

The probability of observing test results at least as extreme as the results actually observed, under the assumption that the null hypothesis is true.

Statistically Significant

Indicates that the result of a statistical analysis is unlikely to have occurred by chance alone, according to a predefined significance level.

Null Hypothesis

A statement used in statistical testing that assumes no effect or no difference between groups, serving as the default assumption to test against.