. An analyst notes that a company’s capital expenditures do not follow a discernible pattern; the company seems to have periods of very low capital expenditures and periods of high capital expenditures. Management does not provide any guidance on capital expenditures. The analyst should develop a forecast of capital expenditures based on:

A. the company’s usage of PP&E capacity.

B. the industry’s average capital expenditures.

C. the company’s average capital expenditures.