What is the best way to make a prediction?
A)using simple statistical analysis
B)making a best guess based on past experience
C)employing residual analysis
D)building a predictive model
E)hypothesizing

Question

Quizplus · Accepted Answer

Building a predictive model allows for a more rigorous and systematic approach to predicting outcomes. This method involves using data to train a model and then evaluating its performance on new data. It also allows for testing and refining the model to improve its accuracy. While simple statistical analysis and past experience may provide some insights, building a predictive model can provide more reliable and accurate predictions. Residual analysis and hypothesizing may be useful in the model-building process but cannot stand alone as the best way to make a prediction.

What Is the Best Way to Make a Prediction