Which of the following is an advantage of statistical forecasting methods?
A)They are particularly useful if important events that occur in the labor market have no historical precedent.
B)They are particularly useful in dynamic environments.
C)They provide predictions that are much more precise than judgmental methods.
D)Small companies that cannot afford their own testing programs rely on statistical forecasting methods to recruit temporary employees.
E)In the event of a legal dispute, they are more acceptable as evidence by juries.

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 an Advantage of Statistical Forecasting