Which of the following are true regarding scenario analysis?

I) Considers only 3 possible states of economy and outcomes, while most projects have infinite number of possible outcomes.

II) The results are only as good as the estimates that go into it. If managers cannot develop estimates good estimates for the best and worst estimates, the analysis would not be have much value.

III) Cannot vary more than one variable, and cannot determine the combined effects of changes in the variables.

A) I only

B) II only

C) III only

D) I and II only

E) I & II., and III