Which of the Following Differentiates Statistical Forecasting Methods from Judgmental

question 56

Multiple Choice

Which of the following differentiates statistical forecasting methods from judgmental forecasting methods?

• A)Judgmental methods are of less use than statistical methods in cases that have historical precedence.
• B)Statistical methods allow for complete reliance on an inference about the future which judgmental methods do not.
• C)Judgmental methods give predictions that are much more precise than those that could be achieved through statistical methods.
• D)Under the right conditions, statistical methods are more precise for capturing historic trends in a company's demand for labor than judgmental methods.
• E)Forecasting on the supply side should use statistical methods while on the demand side should use judgmental methods.

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Definitions:

Grounded Theory

A research method that involves constructing theories through systematic gathering and analysis of data, primarily used in qualitative research.

Research Designs

The overall strategy or framework for planning, conducting, and analyzing a study to answer specific research questions or test hypotheses.

Qualitative Studies

Research methods focusing on understanding concepts, thoughts, or experiences through analysis of non-numerical data.

Research Settings

The specific locations or environments in which scientific studies are conducted, including laboratories, field sites, and virtual spaces.