Question

BUS 272 - BUSINESS STATISTICS II TIME SERIES 1. Define Time Series. 2. List and explain the 4 times series patterns. 3. What is forecasting? 4. When is qualitative methods of forecasting used? 5. When can quantitative forecasting be used?

Answer 1

Answer-1)

Time series is basically tabulation (chronologically) of different values taken by a particular variable over time.

This variable can be anything such as yearly revenue, monthly orders etc.

Answer-2)

The 4 time series pattern are as follows :-

- Seasonal variations :- these variations basically repeat over a specific period such as a day, week etc.

- Trend variation :- these patterns basically move up or down in a pattern that can be predicted mostly.

- Cyclic variation :- these patterns basically correspond with business cycles that ollow their own strange

- Random variations :- these are those patterns that do not fall under any of the above mentioned three classifications.

Note :- As per HomeworkLib policy i am allowed to answer only the first question but since answer were small so I have answered 2 questions.

Hope this helps you !!!