Which of the following is true of statistical forecasting methods that capture historic trends?
A)They are useful for predicting events in the labor market that have no historic precedent.
B)They are particularly useful in situations where there is no long,stable history.
C)They provide predictions that are much more precise than judgmental methods.
D)They remove the need for subjective judgments of experts.
E)They include variables such as intuition and guesswork in economic decision-making.

Question

Quizplus · Accepted Answer

Statistical forecasting methods that capture historic trends are known for providing predictions that are more precise than judgmental methods, as they rely on historical data and quantitative analysis rather than subjective opinions or intuition.

Which of the Following Is True of Statistical Forecasting Methods