i. A forecast is considered necessary in order to have the raw materials, production facilities, and staff available to meet estimated future demands.
Ii) One component of a time series is the secular trend that is the smooth movement of a series over a short period of time, such as a few months or quarters.
Iii) Many business and economic time series have a recurring seasonal pattern.
A) (i), (ii) and (iii) are all correct statements
B) (i) and (ii) are correct statements, but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) All statements are false

Question

Quizplus · Accepted Answer

A forecast is necessary for planning resources to meet future demands, and many time series have seasonal patterns. However, a secular trend refers to long-term movement, not short-term.

I a Forecast Is Considered Necessary in Order to Have