i. A time series is a collection of data recorded over a period of time, usually monthly, quarterly, or yearly.
Ii) Long-term forecasts are usually from one year to more than 10 years into the future.
Iii) A forecast is considered necessary in order to have the raw materials, production facilities, and staff available to meet estimated future demands.
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

All three statements are correct: (i) defines a time series, (ii) describes the typical range for long-term forecasts, and (iii) explains the necessity of forecasting for resource planning.

I a Time Series Is a Collection of Data Recorded