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Why is using time series as a form of analysis important to a business? How is it used?

BIAM300 Managerial Applications of Business Analytics

Week 7 Discussion

Time Series

Review Sections 7.1 to 7.4 and respond to the questions on time series below.

1. Why is using time series as a form of analysis important to a business? How is it used?

2. Why is a time series plot beneficial?

3. What is exponential smoothing, and how does it work?

4. How can regression be used to forecast an event? Why would a manager want to better understand this?

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