What Is Forecasting? How Do You Perform It? How Can

question 5

Essay

What is forecasting? How do you perform it? How can you test the potential validity of your forecasts? Explain.

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Definitions:

Independent Means

Refers to the average values of two distinct groups that are not related or influenced by each other in statistical analysis.

Normality

A statistical condition where data is symmetrically distributed around the mean, following a bell-shaped curve known as the normal distribution.

Null Hypothesis

The default hypothesis that there is no significant difference or relationship between specified populations, any observed difference being due to sampling or experimental error.

Directional Alternative

A hypothesis that outlines the anticipated direction in the variation or association among variables.