Question

Identify the major forms of causal models used for forecasting?

Answer 1

The major forms of causal models used for forecasting are deterministic models, statistical models, and regression analysis.

Step-by-step explanation:

There are several major forms of causal models used for forecasting:

1. Deterministic models: These models are used when one value can be precisely determined from another value. They provide accurate predictions and are often used in fields like physics and engineering.
2. Statistical models: These models describe the probability or likelihood of an event occurring and provide alternative outcomes if the event does not occur. Weather forecasts are examples of statistical models.
3. Regression analysis: This is a complex statistical technique that is used to determine the strength and direction of causality between variables. It helps analyze the effect of independent variables on a dependent variable.