TIMES SERIES ANALYSIS.
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TIMES SERIES ANALYSIS.
Chapter One: General Introduction
Time series is crucial in business analysis since it allows us to estimate buyer demand for a product or service. Time series differs from random samples.
This is especially true for specific types of economic data, such as living expenses or alcohol usage. Statistical procedures cannot be used on such data. The goal of this project is to look at different methods for dealing with this type of data, one of which being Time Series.
Time series analysis, which helps to predict the future, has become an increasingly critical topic in today’s global corporate environment. Time Series Analysis assists with the statistical approaches of analysing previous data and projecting it to generate estimates of future values.
The main goal of time series analysis is to provide management with a handy means of assessing changes in the firm over time and comparing these changes to those in the economy.
Time series that measure changes in one’s own firm are supplied by the company’s internal records, whereas information on changes in the entire industry and business in general will come from a variety of outside sources. The particular methods of time series analysis will be thoroughly discussed in the following chapters.
Definition of Time Series
A TIME SERIES is a collection of observations acquired by measuring a single variable at regular intervals over time. Observations of the variable are typically recorded at evenly spaced points in time. For example, the number of malaria patients treated each month, the amount of electricity consumed daily, and so on.
1.2 Definition of Forecast
Forecasting is the process of predicting future events. Forecasting is the process of coming up with such an explanation.
1.3 Study Aims and Objectives
This study aims to analyse sales forecasts for wheat flour products at Edo State Flour Mill Company Plc for the next two and ten years.
To be able to track the annual sales changes for the flour mill.
Describe the time series in a succinct manner.
Investigating the behaviour of the series.
Forecasting the series’ future behaviour.
1.4 Scope and Coverage of the Study
The study will provide an overview of time series and their analysis, with no intention of deviating from the subject, and all statements and expressions will be time series-focused.
It covers the roles, importance, historical context, types of time series, and, most importantly, forecasting. The emphasis will be on time series analysis with regard to forecasting. This project also seeks to analyse the prior principles listed above as outline aims.
The content in this publication is organised into six chapters. Chapter one covers the introduction, definitions of time series and forecasts, as well as goals and objectives.
The second chapter focuses on a literature study of the topic matter, displaying work done by multiple authors across time. The third chapter discusses trend analysis, including its definition, the reasons for researching trends, and methods for measuring the components of time series.
The fourth chapter discusses trend analysis and its definition, the reasons for researching trends, and how to measure the components of time series. The fifth chapter discusses the data analysis, while the sixth chapter summarises and concludes the work.
1.5 Limitations and Problems of the Study
Because of the workers’ absence from the office, the search for data has remained mostly unchanged. However, after several call backs, I was able to attain my goals.
It should be mentioned that this study is solely for academic purposes, and that the limits had no significant impact on the project work.
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