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:

Preoperational Child

A stage in Piaget's theory of cognitive development describing children aged 2 to 7, characterized by the development of language and symbolic thought but limited in logical reasoning.

Conservation

In cognitive psychology, the principle that properties of substances such as weight and mass remain the same (are conserved) when superficial characteristics such as their shapes or arrangement are changed.

Irreversibility

A cognitive concept where an individual does not understand that actions can be reversed to return to the original state.

Language Development

The method through which young children acquire the ability to comprehend and express language in their early years.