Time Series Forecasting

#Terms

WHAT IS… ?

Time series forecasting uses past information to make predictions about the future. Whereas other forecasting techniques are concerned with data from a single moment in time, time series analysis deals with data over an extended period of time. Forecasting is difficult, especially when limited observations are available or when the factors underlying the process vary wildly.

HOW IS IT USED ?

Time series forecasting is used to develop models for predicting and projecting future results based on historical data. It is often used in business’ decision making processes.