In forecasting, which of the following describes a long-range forecast?

A long-range forecast is defined as one that extends over a significant time frame, typically covering several months to years. This type of forecasting is crucial for strategic planning and decision-making, as it allows organizations to anticipate future trends, allocate resources effectively, and prepare for possible market changes that could impact their long-term goals.

In contrast, shorter time frames such as days or weeks are relevant for short- or medium-range forecasts, which focus on immediate operational planning and staffing rather than long-term strategic initiatives. Measurements taken hourly pertain to very short-term forecasting, primarily used for real-time operational adjustments rather than broader strategic outlooks. Therefore, identifying forecasts based on the duration of their impact is essential for aligning business strategies with the appropriate time horizons.