Chapter 16
Forecasting and Time Series Analysis
LEARNING OBJECTIVES
After studying this chapter, you should be able to
understand the pattern of the historical data and then extrapolate the pattern into the future.
understand the different approaches to forecasting that can be applied in business.
gain a general understanding of time-series forecasting techniques.
learn how to decompose time-series data into their various components and to forecast by using decomposition techniques.
I have but one lamp by which my feet are guided, and that is the lamp of experience. I know of no way of judging the future but the past.
—Patrick Henry
The penguin flies backwards because he does not care to see where he's going, but wants to see where he's ...
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