Chapter 72. Making probability statements from forecasts
Questions answered in this chapter:
On what basis do we evaluate forecasts?
If a drug company forecasts that it will sell 60 million units of a drug next year, what is the chance that it will sell more than 65 million units of that drug next year?
Every day, we are inundated by forecasts. Here are some examples:
The government predicts the GNP will grow by 4 percent during the next year.
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