A Forecast Is Defined as A(n)

question 7

Multiple Choice

A forecast is defined as a(n)

• A)prediction of future values of a time series.
• B)quantitative method used when historical data on the variable of interest are either unavailable or not applicable.
• C)set of observations on a variable measured at successive points in time.
• D)outcome of a random experiment.

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Definitions:

Degrees Of Freedom

The number of independent pieces of information on which a statistical estimate is based, minus the number of parameters estimated.

T Procedure

A statistical method used to infer the mean of a small sample size when the population variance is unknown.

Transform The Data

The process of applying a mathematical modification to data in order to make it more suitable for analysis.

Not Normal

Refers to data that does not follow a normal distribution, which can impact the choice of statistical tests.