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    Relationships between time series and forecasting

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    A. What exactly is the relationship between time series and forecasting? How are they connected?

    B. What are the limitations of forecasting?

    C. What is Occam's Razor? Was this concept intuitive for you?

    D. What forecasting methods are used at your organization? Who does the forecasting? What is forecasted? What should be forecasted?

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    Solution Preview

    A. What exactly is the relationship between time series and forecasting? How are they connected?

    A time series is sequence of data points measured typically at successive times, spaced at time intervals. Time series analysis forecasting can be done to predict the future events based on the known past events.
    The main objective of time series analysis is
    • To identify the nature of the phenomenon represented by the sequence of observations,
    • Forecasting.

    How are they connected?

    Most time series patterns will be in terms of trend and seasonality.
    The time series can be represented as a curve that evolve over time. Forecasting the time series mean that we extend the historical values into the future where the measurements are not available yet.

    B. What are the limitations of forecasting?
    Forecasting is just a interpret way of saying extrapolation. When you extrapolate there are many problems that can arise. One of the labs I wrote ...

    Solution Summary

    The relationship between time series and forecasting is examined. The limitation of forecasting are given.

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