Which of the following is true with regards to the concept of Markov Chains?

• it is a type of analysis that allows us to predict the future by using the state probabilitiesand theMatrix of Transition Probabilities
• it is a mathematical system that experiences transitions from one state to another according to certain probabilistic rules: i.e., Matrix of Transition Probabilities
• there is a finite number of possible states
• can be used to solve non-linear problems
• all of these
• none of these

TheDelphi Method allows experts, who may be located in different places, to make forecasts based on individual judgments:

• True
• False

Forecasting Error is the sum of the actual and forecasted outcomes:

• True
• False

Which of the following is true with regards to the concept of MAD?

• it is a technique for determining the accuracy of a forecasting model
• it measures the average magnitude of the forecast error
• it is one of many psychological disorders
• it is an acronym for Mothers Against Driving
• all of these
• none of these

Which of the following is true with regards to the concept of a Multiple Regression Model?

• a regression model has more than one independent variable
• a simple regression model converts to a multiple regression model when more independent variables are added
• it always has one dependent variable
• it can only be used when relationships between variables are linear
• all of these
• none of these