Time series forecasting is based on the core principle that future demand is based on past demand.
Predicting future demand for a good or service is both an art and science known as demand forecasting. This prediction is based on both current trends and historical patterns of behavior.
The demand projection is built on the results of time series analysis. This kind of model makes it possible to foresee predicted variations in demand in accordance with a current trend, such as peak vs low times, by tracking certain independent variables over a set period.
All types of business choices are informed by time series projections. For example, forecasting electricity demand will determine whether to construct a new power production facility in the next five years.
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