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 historical 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 like intuition and guesswork into economic decision making.

Question

Quizplus · Accepted Answer

Statistical methods are excellent for capturing historic trends in a company's demand for labor, and under the right conditions they give predictions that are much more precise than those that could be achieved through subjective judgments of a human forecaster.

Which of the Following Is True of Statistical Forecasting Methods