Question

A forecast is defined as a(an) Select one: A. set of observations on a variable measured at successive points in time. B. quantitative method used when historical data on the variable of interest are either unavailable or not applicable. C. prediction of future values of a time series. D. outcome of a random experiment.

Answer 1

Answer:

The correct answer is option C.

Explanation:

Forecast is the prediction of future values of a time series.

Forecast in literal sense means prediction or estimate.

Forecast is based on the examination of a systematic data in time series, which reflects some past behavior and future predictions are made on the basis of that.

Time series can be described as the sequence of observations regarding a variable which is recorded over a certain time period.