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:

Critical Path Methods

A project management technique that identifies the longest sequence of dependent tasks and allocates resources to minimize total project duration.

Slack Time

Free time for an activity.

Activity Durations

The estimated time periods that tasks or activities within a project are expected to take to complete.

Project Duration

The total time taken to complete a project from its start to finish, often used in planning and scheduling.