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Time series analysis is a statistical method to analyse the past data within a given duration of time to forecast the future. It comprises of ordered sequence of data at equally spaced interval. To understand the time series data & the analysis let us consider an example. Consider an example of Airline Passenger data. It has the count of passenger over a period of time.
Ample of time series data is being generated from a variety of fields. And hence the study time series analysis holds a lot of applications. Let us try to understand the importance of time series analysis in different areas.
Field of Economics: Budget studies, census Analysis, etc.
Field of Finance: Widely used in the field of finance such as to understand the stock market fluctuations, yield management, understand the market volatility, etc.
Social Scientistà: Birth rates or death rates over a period of time and can come with the schemes in their interest.
Healthcare: An epidemiologist might be interested in knowing the number of people infected over the past years. Like in the current situation the researchers might be interested in knowing the people affected by the coronavirus over a period of time. Blood pressure traced over a period of time can be used in evaluating a drug.
Environmental Science: Environmental time series data can help us explain the rise in temperature over the past few years. Plot shows the temperature data over a period of time
Time series data collected over different points in time breach the assumption of the conventional statistical model as correlation exists between the adjacent data points. This characteristic of the time series data breaches is one of the major assumptions that the adjacent data points are independent and identically distributed. This gives rise to the need of a systematic approach to study the time series data which can help us answer the statistical and mathematical questions that come into the picture due to the time correlation that exists.
Time series analysis holds a wide range of applications is it statistics, economics, geography, bioinformatics, neuroscience. The common link between all of them is to come up with a sophisticated technique that can be used to model data over a given period of time where the neighboring information is dependent.
In time series, Time is the independent variable and the goal is forecasting.
Everything You Need to Know About Time Series Analysis and Forecasting with MS Excel
This course is a comprehensive and well-structured introduction to Time Series Analysis and Forecasting with MS Excel. The instructor, EDUCBA Bridging the Gap, is a leading expert in the field with a wealth of experience in Development to share.
The course is well-structured and easy to follow, and the instructor does a great job of explaining complex concepts in a clear and concise way.
The course is divided into sections, each of which covers a different aspect related to Data Science. Each module contains a series of video lectures, readings, and hands-on exercises.
The instructor does a great job of explaining each topic in a clear and concise way. He/She also provides plenty of examples and exercises to help students learn the material.
One of the things I liked most about this course is that it is very practical. The instructor focuses on teaching students the skills and knowledge they need to succeed in the real world. He/She also provides students with access to a variety of resources, including templates, checklists, and cheat sheets.
Another thing I liked about this course is that it is offered on Udemy. Udemy is a great platform for taking online courses because it offers a lot of flexibility for students. Students can choose to take courses at their own pace, and they can access the course materials from anywhere with an internet connection.
Udemy also offers a variety of payment options, so students can find a plan that works for them. The course also has a very active community forum where students can ask questions and interact with each other. The instructor is also very responsive to student questions and feedback.
Overall, I highly recommend this course to anyone who is interested in learning Time Series Analysis and Forecasting with MS Excel. It is a well-organized and informative course that will teach you the skills and knowledge you need to succeed.
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