In examining the data below,the manager exclaimed that he was very happy to see no bias in the forecasts.How would you respond to the manager?
A)You are correct.
B)I'm sorry,but there is a slight negative bias.
C)I'm sorry,but there appears to be a slight positive bias.
D)There is no way to estimate bias with the given information.

Question

In examining the data below,the manager exclaimed that he was very happy to see no bias in the forecasts.How would you respond to the manager? 
A)You are correct. 
B)I'm sorry,but there is a slight negative bias. 
C)I'm sorry,but there appears to be a slight positive bias. 
D)There is no way to estimate bias with the given information.

Quizplus · Accepted Answer

Upon examination of the data, it appears that the mean of the forecasts is slightly higher than the actual values. This suggests a slight positive bias, which means that the forecasts are consistently overestimating the actual values. Therefore, while the data does not indicate a significant bias, it cannot be said that there is no bias at all.

In Examining the Data Below,the Manager Exclaimed That He Was