Two Techniques Used by Experts in the Formulation of Forecasts

question 27

Short Answer

Two techniques used by experts in the formulation of forecasts are _______________ and __________________.

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Definitions:

Kruskal-Wallis Test

A non-parametric statistical test that determines if there are statistically significant differences between two or more groups of an independent variable on a continuous or ordinal dependent variable.

Wilcoxon Test Statistic

A non-parametric statistical measure used to compare two paired groups to assess whether their population mean ranks differ.

Level Of Significance

The probability of rejecting the null hypothesis when it is actually true, typically represented by alpha (α).

Null Hypothesis

A statement used in statistical testing which suggests that there is no significant difference or effect.