Random errors in forecasting occur when an undetected secular trend is not included in a forecasting model.

Name: Random errors in forecasting occur when an undetected secular trend is not included in a forecasting model.
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Question

Quizplus · Accepted Answer

Random errors in forecasting are caused by factors that cannot be predicted, such as sudden changes in customer demand or shifts in market conditions. They are not related to secular trends, which are long-term patterns or movements in data.

Random Errors in Forecasting Occur When an Undetected Secular Trend