What is Time Series & Forecasting Analysis?
Ans. Once the data is available with the homogeneous time intervals for a number of periods then there are number of time series techniques. Depending upon the past data behavior to build a time series model is build so as to forecast the independent variable for number of periods ahead. Time series techniques, neural network based applications as well as econometric systems basically fall broadly in the area of forecasting. There are different requirements in terms of the data availability and time period for each of the above area as well as potential of a particular technique(s), to be applied to a situation.
