What is the need for studying time series? - Vidyadip

Question

What is the need for studying time series?

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Answer

We should study time series for the following reasons:
(i) It helps in the analysis of past behaviour.
(ii) It helps in forecasting and for future plans.
(iii) It helps in the evaluation of current achievements.
(iv) It helps in making comparative studies between one time period and others.
Therefore time series helps us to study and analyse the time-related data which involves in business fields, economics, industries, etc.

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