Which of the following statements about exponential smoothing as a time series forecasting technique is true?

a. The exponential smoothing technique requires access to historical data for at least a five-year period.

b. The exponential smoothing technique should be used only by hospitality businesses that experience seasonal sale patterns.

c. The exponential smoothing technique is most useful when precise forecasts are required.

d. The exponential smoothing technique is most useful when short-term forecasts are needed.