You have been asked to explain to a colleague, who is unfamiliar with risk analysis, how these results are likely to have been derived. Draft some notes for your colleague and include in your notes an evaluation of the usefulness of the technique

What  are the strengths and the weaknesses of experimental designs?

Match the description on the right with the correct term on the left regarding types of forecasting methods. 1. Econometric, input-output, and simulation are techniques used with this type of forecasting method, which assumes that the variable to be forecasted is related to one or more intrinsic variables. Causal Methods 2. The Delphi technique, market surveys, and life-cycles analogy are techniques used with this type of forecasting method, which relies on the judgment of individuals or Qualitative Methods Time-Series Methods groups. 3. Moving averages and exponential smoothing are techniques used with this type of forecasting method, which assumes that time is the only important variable.

The well-known psychologist Dr. Elbod has established what he calls his Generalized Anxiety Scale (GAS). The GAS, which is a scale from 0 to 10, measures the "general anxiety" of an individual, with higher GAS scores corresponding to more anxiety. (Dr. Elbod's assessment of anxiety is based on a variety of measurements, both physiological and psychological.) We're interested in making predictions about individuals' sleep behavior based on their GAS scores. The bivariate data below give the GAS score (denoted by x) and the number of hours of sleep last night (denoted by y) for each of the fifteen adults participating in a study. A scatter plot of the data is shown in Figure 1. Also given is the product of the GAS score and the sleep time for each of the fifteen adults. (These products, written in the column labelled "xy", may aid in calculations.) GAS score, x 00 2.1 3.6 8.0 3.8 7.0 9.1 5.0 5.9 9.1 1.5 6.5 4.0 3.0 8.0 Sleep time, y (in hours) 8.2 7.4 1.0 Send data to calculator 7.4 8.4…