How statistics help in forecasting?(4 marks)
Ravneet,
To formulate plans and policies, knowledge regarding the future trends is required. statistical techniques like regression analysis, time- series analysis help in forecasting and predicting the future behaviour of all these trends. In this way, statistics help in forecasting.
We would advice you to not to keep on piling your questions, rather, you should keep posting 1 to 2 questions per subject (Accountancy, Economics and Business Studies) on everyday basis. Ideally, you should go through the study material that is available on our website and look for the answers to the questions. This will not only help you to enhance your analytical abilities but also will help you to learn the application of your knowledge. In this manner, you will gain confidence and will help you in evaluating your preparation.
To formulate plans and policies, knowledge regarding the future trends is required. statistical techniques like regression analysis, time- series analysis help in forecasting and predicting the future behaviour of all these trends. In this way, statistics help in forecasting.
We would advice you to not to keep on piling your questions, rather, you should keep posting 1 to 2 questions per subject (Accountancy, Economics and Business Studies) on everyday basis. Ideally, you should go through the study material that is available on our website and look for the answers to the questions. This will not only help you to enhance your analytical abilities but also will help you to learn the application of your knowledge. In this manner, you will gain confidence and will help you in evaluating your preparation.