How do statistical forecasting methods differ from judgmental forecasting methods with regard to the labor market?
A)Judgmental methods are not useful in situations that have no historic precedent.
B)Statistical methods are the best option for events that have no historic precedent.
C)Forecasting using judgmental methods is always more precise than forecasting using statistical methods.
D)Statistical methods are excellent for capturing historic trends.
E)Judgmental methods are better than statistical methods for events that have historic precedent.

Question

Quizplus · Accepted Answer

Statistical methods are based on analyzing historical data and identifying trends, making them well-suited for forecasting in the labor market where there are often established patterns and trends in employment and job growth. Judgmental methods, on the other hand, rely on expert opinions and subjective judgments, which may be less reliable in predicting future labor market conditions.

How Do Statistical Forecasting Methods Differ from Judgmental Forecasting Methods