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What is the importance of time series analysis?
in Data Science & Statistics by Diamond (80,748 points) | 123 views

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It helps in the understanding of the past behaviour. The past trend helps in predicting the future behaviour. It enables us to predict or forecast the behaviour of the phenomenon in future which is very essential for
business planning. It helps in making comparative studies in the values of different phenomenon at different times or places. It helps in the evaluation of current achievements.

  • The segregation and study of various components of time series is of paramount importance to a businessman in the planning of future operations and policy decisions.
  • The main objective of analysing time series is to understand, interpret and evaluate changes in economic phenomena in the hope of more correctly anticipating the course of future events.
by Diamond (80,748 points)

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