What is the term used to describe the process when an analyst predicts a value for the dependent variable outside the range of the data plotted on the Scatter Diagram?

The term that refers to the process of predicting a value for the dependent variable outside the range of the data plotted on the Scatter Diagram is extrapolation. Extrapolation involves extending a trend observed in the existing data to estimate values that fall outside the observed range. This technique assumes that the pattern of the data will continue beyond the known data points.

In contrast, other methods like the Nominal Group Technique focus on generating ideas or prioritizing them in group settings and do not involve prediction based on data analysis. Stratification is a method used to categorize data into different groups to analyze variations within subsets, but it does not pertain to predicting values beyond an observed range. External prediction, while it may relate to forecasting trends, is not a standard term used in statistical analysis like extrapolation is.

Understanding extrapolation is crucial for analysts, as it helps them make informed predictions but requires caution, as the reliability of such predictions diminishes the further they extend from the known data.