Statistical models are used for forecasting labor demands because they are good at capturing "once-in-a-lifetime" changes.

Name: Statistical models are used for forecasting labor demands because they are good at capturing "once-in-a-lifetime" changes.
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Question

Quizplus · Accepted Answer

Statistical models almost always have to be complemented with subjective judgments of experts. There are simply too many "once-in-a-lifetime" changes to consider, and statistical models cannot capture them.

Statistical Models Are Used for Forecasting Labor Demands Because They