Forecasting on Data Class 11 Questions and Answer
Objective Type Questions
1. In forecasting, past and present data are used to predict the future as accurately as possible.
a) The above statement is always true.
b) The above statement is never true.
c) The above statement is sometimes true.
d) None of the above.
Answer: c) The above statement is sometimes true.
2. If the actual demand for a period is 100 units but forecast demand was 90 units. The error in forecast is
a) -10
b) +10
c) -5
d) +5
Answer: b) +10
3. Observational study cannot be used in:
a) Child studies
b) Study about attitudes
c) Animal studies
d) Studies involving groups
Answer: c) Animal studies
4. Which of these is not true?
a) Observational study is cheap.
b) Observational study replaces interviewing.
c) Observational study is time consuming.
d) Observational study requires operational definition.
Answer: b) Observational study replaces interviewing.
5. Which of these would make an observational study unethical?
a) Putting an observer at risk of harm.
b) Using multiple observers.
c) Not getting consent from those being observed.
d) Conducting the observation late at night.
Answer: a) Putting an observer at risk of harm.
Forecasting on Data Class 11 Questions and Answer
6. Observer’s reliability is improved by:
a) Training observers.
b) Using operational definitions
c) Restricting observations to specific time points
d) All the above
Answer: d) All the above
7. Which of the following is not a disadvantage of observational study?
a) We need to assign the subject to random treatment and control groups.
b) Certain events may occur in the absence of the observer.
c) Miss the reporting of critical observational details.
d) Time spent is far more compared to the insights gained via observation.
Answer:a) We need to assign the subject to random treatment and control groups.
Forecasting on Data Class 11 Questions and Answer
Standard Questions
1. What is forecasting? Give two examples of forecasting.
Forecasting refers to the practice of making predictions or estimates about future events using past data or trends. Two examples include projecting sales for an item for next quarter using historical sales data, or forecasting weather patterns using meteorological information.
2. State the reasons why sometimes observational study is preferred over trial assessment?
Observational studies may be more suitable in some circumstances due to ethical considerations and practical constraints than trial evaluations, for example in medical research where conducting randomized controlled trials could potentially harm participants. Furthermore, observational studies may provide more practical data when studying long-term effects or rare events that would require large and impractical sample sizes in randomized trials.
3. What are the advantages of observational study?
Observational studies offer numerous advantages. First and foremost, they allow researchers to observe real-life scenarios as they occur naturally, making the findings more applicable for everyday situations. They’re generally cheaper and quicker than experimental trials. Plus, observational studies can generate hypotheses for further research!
4. What are the disadvantages of observational study?
The drawbacks of observational studies include possible biases and confounding variables that could skew results, due to researchers lacking control over variables being examined; causation cannot be established definitively, while controlled experiments provide more data that helps establish cause-and-effect relationships more reliably.
Forecasting on Data Class 11 Questions and Answer
Higher Order Thinking Skills (HOTS)
Please answer the question given below in no less than 200 words.
1. A monthly family budget is a forecast of income and expenditure of a family in a month. Critically discuss the above statement.
Budgeting is an accurate description of income and expenditure for families in a month. A family budget serves as a financial plan that estimates expected income and expenses over an extended period, usually one month. Forecasting inflow of money such as salaries or investments and outflow for expenses such as rent, groceries, utilities or other necessities must all be estimated in order to create an accurate picture of family finances and make informed decisions regarding spending, saving or investing decisions.
Budgeting monthly family expenses is essential for several reasons. It gives a clear snapshot of financial health for families, helps set realistic financial goals, and allows effective use of resources. Budgeting also promotes responsible financial behavior by helping avoid overspending and debt accumulation; by comparing budgeted figures against actual expenses, families can identify areas for adjustment that can help achieve financial security and stability.
Forecasting on Data Class 11 Questions and Answer
2. Imagine that you have been given the task to observe the food seeking behavior of rats. Would it be best to conduct this in the wild, or in a laboratory situation? Do you think the results will matter?
Conducting observations of food-seeking behavior of rats in a controlled lab environment would be more efficient and predictable compared to conducting these observations in the wild. There can be numerous unpredictable factors influencing their behavior such as natural predators, fluctuating food availability and environmental conditions that could potentially influence it; while with controlled laboratory settings researchers can create an ideal setting in which variables can be managed more effectively and monitored effectively.
Results obtained from observations made both in the laboratory and wild can differ due to differences in environments; researchers are more easily able to isolate specific factors and study rats under controlled conditions in a lab environment than they are when studying them in naturalistic settings, although controlling all relevant variables is more challenging in wild environments.
Of the two approaches available to researchers when it comes to studying food-seeking behavior in rats, laboratory observation can yield more precise and reproducible results. When selecting a setting for their research objectives and goals, researchers should carefully consider their needs before selecting an observation site for food-seeking behavior studies in rats.