Which of the following is true about using forecasts?
A)Multiple forecasts are best, and their predictions can be averaged.
B)Forecasts become more accurate when predicting further into the future.
C)Forecasts are useless when the future will look radically different from the past.
D)The more complex the forecast, the more accurate are the predictions.
E)The accuracy of forecasts does not vary from one application to another.

Question

Quizplus · Accepted Answer

Multiple forecasts are best because they can account for different possibilities and their predictions can be averaged to minimize error. It is not necessarily true that forecasts become more accurate when predicting further into the future, or that the more complex the forecast, the more accurate it is. Forecasts can still be useful even when the future looks radically different from the past, as they can provide insight into potential trends and patterns. The accuracy of forecasts can vary greatly depending on the application and the quality of the data and methods used.

Which of the Following Is True About Using Forecasts