Forecasting Is a Process of Making Quantitative or Qualitative Predictions

question 208

True/False

Forecasting is a process of making quantitative or qualitative predictions about what will happen in the future; yet in the final analysis, forecasting is subject to error because it always relies on human judgment and interpretation.

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Definitions:

Distribution

In statistics, it refers to the way in which data or values are spread out or distributed across a range of possibilities.

Z Score

A statistical measure illustrating the relation of a value to the mean of its group by detailing it in standard deviations from the mean.

Extreme

Relating to values that are farthest from the mean or median in a data set, often considered outliers.

Z Score

A calculation used to express the difference of a particular value from a group's mean, in terms of how many standard deviations away it is.