Summary

In this chapter, we learned about what is forecasting and why it is needed in a business. Forecasting helps to identify the demand and take necessary steps, as well as in other domains it helps to predict weather, and so on. The decision-making process is highly affected by the results of forecasting. Time Series is the arrangement of insights, typically gathered at standard intervals. It has been used in various domains such as medical, weather, finance markets, and so on.

We also learned about the different types of models and how to analyze trends in Time Series. We also took into consideration seasonality effects on the Time series analysis. We discussed ARIMA in detail and also explored the Time Series library of Julia.