How Do Statistical Forecasting Methods Differ from Judgmental Forecasting Methods

question 49

Multiple Choice

How do statistical forecasting methods differ from judgmental forecasting methods with regard to the labor market?

• A)Judgmental methods are not useful in situations that have no historic precedent.
• B)Statistical methods are the best option for events that have no historic precedent.
• C)Forecasting using judgmental methods is always more precise than forecasting using statistical methods.
• D)Statistical methods are excellent for capturing historic trends.
• E)Judgmental methods are better than statistical methods for events that have historic precedent.

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Definitions:

Customer Profitability

An analysis to determine the financial value a customer brings to a business over time, considering revenues and costs associated with the relationship.

Customer Service

Services and recommendations given by a firm to purchasers or users of its products or services.

Ease of Doing Business

The amount of effort required on the part of a customer when dealing with a firm.

Consumption Availability

The ease with which consumers can obtain and use a product or service, influenced by factors like location, supply chain efficiency, and inventory levels.