The state of California has a mean annual rainfall of 22 inches, whereas the states of New York has a mean annual rainfall of 42 inches. Assume that the standard deviation for both states is 8 inches. A sample of 30 years of rainfall for California and a sample of 45 years of rainfall for New York has been taken. If required, round your answer to three decimal places.

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.