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Explain how statistics are useful (a) for forecasting and (b) for planning. |
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Answer» a) Forecasting is the process of making predictions of the future based on past and present data and most commonly by analysis of trends.In any case, the data must be up to date in order for the forecast to be as accurate as possible. In some cases the data used to predict the variable of interest is itself forecasted. b) Statistical knowledge helps you use the proper methods to collect the data, employ the correct analyses, and effectively present the results. Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions. |
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