Question 13 Which of the following is true about using sample data? a. Using sam

Question

Question 13 Which of the following is true about using sample data? a. Using sample data in a decision model increases the ability to predict uncertain events. b. It can limit the ability to predict uncertain events that may occur because potential values outside the range of the sample data are not included. c. All samples have the same characteristics and hence always adequately represent the underlying population. d. It is statistically better to use sample data than trying to identify the underlying probability distribution and fitting a theoretical distribution to it.

Explanation / Answer

Option B is correct

It can limit the ability to predict uncertain events that may occur because potential values outside the range of the sample data are not included.

This statement is correct. All other statements are not correct.

This may be considered a virtue of sampling data in the excel sheet.

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