What is Time Series analysis?

Question

Can anyone explain about Time Series analysis?

Answer 1

Time series analysis is a statistical method that deals with time series data i.e. time-based data. Time-based data is the data associated with time (years, days, hours, and minutes). Time series analysis is used when it is auto-correlation in data i.e. next day sales depend on today’s and yesterday’s sales. In short, time series analysis is used to forecast the future based on the time-series data.

Time series analysis is used for weather forecasting, Hedging commodity and currency, Sales and Inventory Planning, Stock Market Algorithmic Models, Economic Forecasting.

If you are interested in Time Series Analysis, I recommend these data science courses where you can learn supervised and unsupervised algorithms along with Time series analysis.

You can watch this video on Time-series Analysis in R to know more about Time series analysis