What is a time series? Why is the analysis of a time series important?

1. What is a time series? Why is the analysis of a time series important? What is meant by forecasting? 2. Describe the operational format of the Delphi method. 3. What does the trend component of a time series represent? 4. Describe the seasonal effect and cyclical effect components of a time series. 5. Summarize statistical methods used in forecasting and the types of time series to which they are most appropriate.


 

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