Question

A method used to examine inflation rate anticipation, unemployment rate and capacity utilisation to

produce products is classified as???​

Answer 1

A method used to examine inflation rate anticipation, unemployment rate and capacity utilisation to produce products is forecasting technique.

What is forecasting and its examples?

• A forecast is based on past data, as opposed to a prediction, which is more subjective and based on instinct, gut feel, or guess.
• For example, the evening news gives the weather "forecast" not the weather "prediction." Regardless, the terms forecast and prediction are often used inter-changeably.

What are the different types of forecasting techniques?

• Time series model.
• Econometric model.
• Judgmental forecasting model.
• The Delphi method.

Which of the following is true for statistical analysis?

• Statistical data should be uniform and homogeneous is correct.
• It is essential requirement for statistics is that data should be uniform and homogeneous.
• As statistics involves comparison, heterogeneous data cannot be compared.

Hence, Forecasting approach is a strategy for examining inflation rate expectations, unemployment rates, and capacity utilisation in the manufacturing industry.

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