Which of the Following Is an Advantage of Statistical Forecasting

question 44

Multiple Choice

Which of the following is an advantage of statistical forecasting methods?

• A) They are particularly useful in dynamic environments.
• B) Under the right conditions, they provide predictions that are much more precise than judgmental methods.
• C) They are particularly useful in predicting important events that have no historical precedent.
• D) They are invariably better than the "best guesses" of experts.
• E) They can be used to reduce dependence on secondary data for making forecasts and predictions.

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Definitions:

Piaget

A Swiss psychologist known for his pioneering work in the study of child development and his theory of cognitive development which outlines how children progress through various stages of intellectual growth.

Concrete Operational

A stage in Piaget’s theory of cognitive development where children aged 7 to 12 develop logical thinking skills but are still concrete in their approach to problem-solving.

Formal Operational

A stage in Piaget's theory of cognitive development, where individuals are able to think abstractly, logically, and systematically.

Egocentrism

In psychology, the inability to differentiate between one's own perspective and another person's perspective.