This paper states the importance of time series forecasting in the business world.
Written in 2001; 970 words; 3 sources; $ 34.95
Paper Summary:
This paper takes a look at the concept of "time series forecasting." It discusses its importance in the business world and how it can be of major benefit in problem solving and future projection needs. Working technical examples are provided.
From the paper:
"There is an endless list of areas in which collection, analysis and prediction of data is important. The world of business relies on the accurate calculation of sales figures, stock prices and interest rates, and meteorologists depend on precise measurements of expected rainfall, temperature changes and wind speeds. Disciplines as varied as farming, politics and medicine base every major decision on the results of the accumulation and analysis of data. Some of this information is collected on a one-off basis, especially when required to provide the solution to a specific problem, but in the majority of cases the collection of data is ongoing and reported at regular time intervals. These intervals may range from milliseconds to decades and the sequence of measurements made during these periods is known as a time series"
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