Identify a Benefit of Applying Statistical Forecasting Methods

question 79

Multiple Choice

Identify a benefit of applying 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 a human forecaster's subjective judgment.
• 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 by organizations as a substitute for relying on the subjective judgments of experts.

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Definitions:

Expected Effects

The anticipated outcomes or results that are predicted to occur as a consequence of a particular action or set of conditions.

M

In the context of economics, M often refers to money supply, which includes various types of money in circulation like cash and bank deposits.

Q

In economics, often denotes quantity, such as the amount of goods and services produced or consumed.

Behaviorist Economists

Economists who study the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.