The general meaning of a standard error is best described by which of the following?   a. A standard error is another term for the estimated standard deviation of the population.     b. If you go out about two standard errors on either side of 0, you can be about 95% confident that the unknown population parameter will be in the resulting interval.     c. A standard error is essentially a standard deviation, specifically, the standard deviation of the sampling distribution of the estimate of the population parameter.     d. All of these choices are correct characterizations of a typical standard error.

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.