i. Long-term forecasts are usually from one year to more than 10 years into the future.
ii. A forecast is considered necessary in order to have the raw materials, production facilities, and staff available to meet estimated future demands.
iii. 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.
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. Long-term forecasts are usually from one year to more than 10 years into the future. 
ii. A forecast is considered necessary in order to have the raw materials, production facilities, and staff available to meet estimated future demands.
iii. 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.
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

(i) and (ii) are correct statements, and forecasting is indeed necessary for raw materials, production facilities, and staff. However, (iii) is not entirely correct as the trend component in a time series is not limited to short periods of time like a few months or quarters; it refers to the long-term movement of a series.

I Long-Term Forecasts Are Usually from One Year to More