Step 1: Understanding the Concept:
This question evaluates comprehension of the purpose and applications of time series analysis. Time series analysis involves examining data points collected sequentially over time to identify patterns and generate forecasts.
Step 2: Detailed Explanation:
Each statement is analyzed as follows:
(A) Time series analysis does not help to understand the behavior of a variable in the past.
This statement is incorrect. A primary objective of time series analysis is to study historical data to identify patterns such as trends, seasonality, and cycles. Understanding past behavior is essential for future predictions.
(B) Time series predict the future behavior of variable.
This statement is correct. Forecasting is a key application of time series analysis. Models are developed by identifying patterns in historical data, which are then used to extrapolate and predict future values.
(C) Time series helps to plan future operations.
This statement is correct. Businesses utilize time series forecasts (e.g., for sales, demand) extensively for future planning, including inventory management, production scheduling, staffing, and budgeting.
(D) The main aim of the time series analysis is to derive conclusions after arranging the time series in a systematic manner.
This statement is correct. Time series data is chronological. Systematic arrangement and analysis allow for the derivation of conclusions regarding the underlying factors influencing a variable's behavior over time.
Step 3: Final Answer:
Statements (B), (C), and (D) accurately describe the purpose and utility of time series analysis. Statement (A) is inaccurate. Consequently, option (C) is the correct choice.