|
Time series is a data set that contains values for the same variable across multiple time periods. The data is generated when recording operational processes or tracking corporate business metrics over a period of time. Analysis often shows that such data contains trends, correlations, or seasonal variations that need to be considered when planning and forecasting. The primary objective of time series analysis is to provide plausible explanations for data pattern changes.
The two main goals of time series analysis are providing plausible explanations for data pattern changes and forecasting future values of data points that are being analyzed. Once a pattern is established, users can interpret and integrate this information with other data, in an effort to predict future events.
Time series analysis is used for many applications such as:
- Economic Forecasting
- Sales Forecasting
- Budgetary Analysis
- Stock Market Analysis
- Yield Projections
- Process and Quality Control
- Inventory Studies
- Workload Projections
- Utility Studies
- Census Analysis
|
