Time Series Analysis

Time series analysis is analyzing a time series data to understand its characteristics, design and framework in order to draw inferences from it. Time series analysis has many applications which include yield projections, inventory studies, economic forecasting, sales forecasting etc. Different methods through which time series analysis can be  done include simple forecasting and smoothing model, correlation analysis methods, and ARIMA model.

Time series analysis is important because it facilitates in: 

1. Identifying the nature of the phenomenon represented by the sequence of observations in the data.

2. Forecasting future values of the time series variable.

3. Comparing different time series.