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) (i), (ii), and (iii) are all false statements.

Question

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) (i), (ii), and (iii) are all false statements.

Quizplus · Accepted Answer

- Statement (i) is correct because forecasting is essential for planning the necessary resources to meet future demand.- Statement (ii) is incorrect because the secular trend refers to the long-term movement in a time series, not short periods.- Statement (iii) is correct as many business and economic series exhibit patterns that repeat over a specific period, known as seasonal patterns.

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