Whai is Time-series forecasts?
Chapter6: Target Markets: Segmentation And Evaluation
Section: Chapter Questions
Problem 17DRQ: Under what conditions might a firm use multiple forecasting methods?
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Whai is Time-series
Expert Solution
Forecasting:
Forecasting is the process of identifying the demand accurately for future production planning and decision-making purposes. It is an important area of manufacturing organizations as forecasting plays a vital role in the efficiency of the organization.
Time-series forecasts:
A time-series forecast analyses time series data to analyze the way a given asset, security, or some economic variable changes over time. It is a useful analysis to compare the changes associated with a selected data point against the shifts in other variables during the same period. The major components that are analyzed using a time series analysis are seasonality, trend, cyclicity, and irregularity of data.
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