TIME SERIES ANALYSIS
Time series is a set of data accumulated or set up in a sequence of purchase over a successive equal increase of time (Lazim M. A, 2011). Time series likewise described as a sequence of data within a uniform period interval in the terms of years or perhaps months or perhaps days or hours and so on.
Why am I interested in time series analysis?
Period series analysis is a quantitative or record technique used to forecast specific set of info over a period of time and can be examined for accuracy by applying particular measurement conditions. The application of time series info involves the formulation of mathematical types, which are believed using considerably large amount of info to mimic the environment below study and so, generate the forecast value. Time series analysis and its applications are getting to be increasingly crucial in various domains of analysis, such as organization, economics, engineering, medicine, environometrics, social savoir, politics, and more.
It can be interesting to forecast or in other word to anticipate the data more than certain period interval to supply information for decision making actions, particularly in the area of planning and controlling. Good planning treatment would help to face of the ever-increasing uncertainties down the road. For example , if the value (sales, stock prices, etc) of certain product will land next year, then a decision maker might want to plan of an action that would assist to reduce or minimize loss and vise versa. Period series is employed by social scientist in population series such as beginning and mortality rate. In medicine, blood pressure over time may be used to evaluate medicines used in lowering the symptoms of hypertension. Time series examination is also helpful for environmental info, for example the tsunami waves, earthquakes, volcanic breakouts, landslides, glacier calving, bolide impacts, flood and so forth to forecast the potential for the all-natural disasters to occur again at a later date. Therefore , prevention and controlling will be able to conserve lives and prevent tragedies. This could be an honor if I am able to accomplish that.
Time series analysis would be an advantage to monitor the progress attained, in order to decide whether the collection target is currently being realized or may be achieved in the future. By using the traditional data with time, we will be capable of foresee and estimate the near future if the most suitable method is applied. The objectives of time series analysis are to identify and describe the underlying structure and the phenomenon as depicted by the series observations in the series and determine the very best mathematical unit to fit your data series and use the style to generate prediction value.