The complete statement "The choice of the probability distribution for a random variable can be guided by historical data." Option B
A what-if analysis involves considering alternative values for the random variables and computing the resulting value for the output. Option B
Generally, In its broadest sense, the term "historical data" refers to information gathered about previous occurrences and conditions that are relevant to a certain topic.
According to the definition, historical data encompasses the majority of data created either manually or mechanically inside an organization.
The use of historical data has become a standard tool in economics, serving three main purposes: to examine the influence of the past on current economic outcomes; to use historical data's unique natural experiments to test contemporary economic theories; and to use contemporary economic theories to refine our understanding of important historical events.
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