Question
State the uses of time series.
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Answer
A time-series carries profound importance in business and policy planning. It is used to compare the current trends with that in the past or the expected trends. Thus it gives a clear picture of growth or downfall. Most of the time series data related to fields like Economics, Business, Commerce etc. For example the production of a product, cost of a product, sales of a product, national income, salary of an individual etc. By close observation of time series data, one can predict and plan for future operations in industries and other fields.
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