What Is Estimation

question 31

Multiple Choice

What is estimation?

• A)Determination of values for an unknown continuous variable behavior or estimated future value.
• B)Determination of which things go together.
• C)Segmentation of a heterogeneous population of more homogeneous subgroups.
• D)Assignment of records to one of a predefined set of classes.

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Definitions:

Quantitative Forecasting

The use of numerical data and statistical models to predict future events or trends.

Qualitative Forecasting

A forecasting method that relies on expert judgment and historical data analysis rather than quantifiable metrics, often used when precise data is unavailable.

Expert Opinions

Insights and assessments provided by individuals with extensive knowledge and experience in a specific field.