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HBC3201 STATISTICS: (1) Highlight various context that time series data arise and identify the main reason for time series analysis Solution Time series data arise in various different contexts. Measurements relating to events that occur at discrete times e.g. the dividend paid out each year on British Airways shares Regular snapshots of a continuous process e.g. the Consumer Price Index at the end of each month Quantities that are aggregated over a period e.g. the numbers of admissions to a hospital each day, or monthly energy consumption Further, the measurements themselves may be of various different types. Continuous e.g. fat content in homogenised milk produced by a bottling factory Discrete e.g. number of complaints received by a department store each day Relevance of time series analysis Helpful for study of past behaviour Time series are very helpful in study of past behaviour of business .On this basis , we can invest our money in that type of business. It is duty of businessman to make time series of past sale or profit and see what is the trend of sale or profit in that type of business.
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Helpful in forecasting Forecasting is science of estimation. Today is the day of competition so if you have to win from competition then you must learn this science , this science can be utilized if we make time series and on the basis we can read the history and then we can decide what happen in future . Suppose if we can make the time series of past strategy of our competitor then on this basis we can estimate future strategy of our competitor and on this base we can change our strategy for defeating our competitor. Helpful in evaluating the achievements:- Time series is an equipment in your hand on this basis you can evaluate your business achievements if you did good , your performance shows your good face in the time series by up-word trend of your performance. If your business performance is very bad then you can make new policies to stable your business. Helpful in comparison:- If we can calculate our two or more branches time series then we can compare the performance of our branches. On their performance we can give them rewards.
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