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

Question

Quizplus · Accepted Answer

Statistical models are not necessarily good at capturing "once-in-a-lifetime" changes as they are based on historical data and may not account for sudden and unexpected events. Other factors such as economic, social, and technological changes may also affect labor demand and cannot always be accurately predicted by statistical models.

Statistical Models Are Used for Forecasting Labor Demand Because They