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R Data Science Essentials by Sharan Kumar Ravindran, Raja B. Koushik

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Chapter 6. Time Series Forecasting

Forecasting is the process of predicting future events based on historic data. When forecasting is made on a time series data, such as events happening over a time interval, then it is called time series forecasting.

The time series forecasting can be implemented in multiple ways; it can be a simple moving average of the historic values or it can be built considering the factors such as the seasonality component and trend component. The seasonality component is one that has a cyclic behavior and repeats over a fixed time interval, whereas a trend component is generally short-lived and a gradual change that can move the value either upward or downward.

Time series forecasting has been in use across multiple industries ...

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