Conceptual introduction to time series forecasting modeling

The dynamic nature of the commercial environment makes time a pivot resource for business success. As a result, businesses need to account for the time factor in their decision-making. Changes occur within commercial settings at a high pace, which makes it pertinent for organizations to take rapid yet considered actions. Analytic technology provides organizations with tools that enable forecasting of the future so that decision-makers have crucial time in hand to ensure their decision aligns with their organizational objectives. Organizations use time-specific data to predict the volume of sales in a future period. Other writers have differentiated time series modeling from forecasting models. In this chapter, we have used the term interchangeably and consider time series forecasting to involve the use of advanced analytics to gain insights that guide business decisions leveraging time-based data.

Time series forecasting...