Asked by Tirza Scott on May 20, 2024
Verified
The process of developing likely estimates of future values based on historical data is called ________.
A) predictive statistics
B) statistical inference
C) descriptive statistics
D) information gathering
Predictive Statistics
Predictive statistics involves using historical data to make predictions about future events, often employing models and algorithms to forecast trends and outcomes.
Historical Data
Information or records relating to past events, conditions, or performances, used for analysis, comparison, or forecasting.
- Grasp the fundamentals and purposes of predictive statistics, statistical inference, and descriptive statistics.
Verified Answer
BJ
Brian JordanMay 20, 2024
Final Answer :
A
Explanation :
Predictive statistics involves using historical data to make estimates or predictions about future values. Statistical inference is a broader term that includes both descriptive and predictive statistics, but it specifically refers to using sample data to make inferences or generalizations about a larger population. Descriptive statistics simply describe or summarize data, while information gathering involves collecting and compiling data.
Learning Objectives
- Grasp the fundamentals and purposes of predictive statistics, statistical inference, and descriptive statistics.
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