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 historical precedent.
B)Statistical methods are the best option for events that have no historical 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 historical precedent.

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.

How Do Statistical Forecasting Methods Differ from Judgmental Forecasting Methods