083. Time series analysis and forecasting/ Introduction

Many business and economic studies are based on time-series data. Such data series offer many advantages to statistical analysts who wish o examine the business world in which they live. This is particularly true in their efforts to forecast and predict events. This chapter examines ways in which time-series data can be used to make forecasts, and how those forecasts can be used to make informed decisions, such as

A. The four components of a time series.

B. Two types of time-series models:

· Additive model;

· Multiplicative model.

C. Smoothing techniques:

· Moving average.

· Exponential smoothing.

D. The decomposition of a time series.

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