What is bootstrapping in Crystal Ball?
A)It is a statistical tool that provides a priori sensitivity information about the impact of each model variable on a target forecast.
B)It is a statistical technique that fits probability distributions to multiple data series.
C)It is a statistical technique that analyzes sample statistics empirically by repeatedly sampling the data and creating distributions of the statistics.
D)It is a statistical tool that allows individuals to define correlations between groups of assumptions in a model.

Question

Quizplus · Accepted Answer

Bootstrapping is a statistical technique that analyzes sample statistics empirically by repeatedly sampling the data and creating distributions of the statistics. It is used to generate a large number of possible outcomes based on a small sample size, allowing decision makers to better understand the range of possible outcomes for their models.

What Is Bootstrapping in Crystal Ball