Correct option is A
- A. Time Series Analysis is used for making predictions with reasonable confidence, aligning with II.
- B. Chi Square Test is most commonly used for testing uniformity, fitting with I.
- C. Cluster Analysis involves grouping data points, which can be either agglomerative or divisive, corresponding with IV.
- D. Lorenz Curve is used to compare distributions, particularly in terms of inequality, aligning with III.
Time Series Analysis (II):
Used to analyze data over time to identify trends and make predictions. It is widely applied in areas like economics, finance, and forecasting.Chi Square Test (I):
A statistical test to determine if there is a significant difference between observed and expected data, typically used for categorical variables.Cluster Analysis (IV):
A method of grouping objects based on similarity. It can be agglomerative (bottom-up) or divisive (top-down), widely used in market research and biology.Lorenz Curve (III):
A graphical representation of income or wealth distribution, showing inequality levels. The Lorenz Curve is used to calculate the Gini coefficient.