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.

Question

Quizplus · Accepted Answer

Statistical forecasting methods use mathematical models and historical data to make predictions. This provides a level of objectivity and precision that may be difficult for a human forecaster to match. When the right conditions are met, statistical methods can result in more accurate predictions than the subjective judgments of experts.

Identify a Benefit of Applying Statistical Forecasting Methods