Time Series Analysis
In Most Organizations, it is helpful, even vital, to forecast activities into the future. We would like to predict, as accurately as possible, information such as demand for goods and services, personnel requirements, sales, expenses, inventory requirements, profits, market share, and many other aspects of our operations. This knowledge obviously helps us plan for the future and stay competitive. If the data changes over time, and we are primarily interested in using past performance to predict the future, our diagnostic tree in Figure 1–3 directs us to time series analysis, or forecasting.
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