Business Statistics

Time Series and Index

Numbers

Look to the future, because that is where you’ll spend the rest of your life.

– GeorGe Burns

16

Lear ning Objectives

Upon completion of this chapter, you will be able to:

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n Understand the types of forecasting methods (qualitative

and quantitative)

n Understand the concept, importance, and components of

time series

n Understand the concept of measurement of errors in

forecasting

n Understand how to use regression model for trend analysis

n Understand the concept of autocorrelation and autoregression

and the use of autoregression in forecasting

n Understand the concept and importance of index numbers

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