TIMES SERIES ANALYSIS

TIMES SERIES ANALYSIS

CHAPTER ONE
GENERAL INTRODUCTION

Time series is very important in business analysis because it allows us to estimate buyer demand for a product or service. Time series are not the same as random samples.
This is especially true for certain economic data, such as the cost of living or alcohol consumption. Such data cannot be subjected to statistical analysis. The goal of this project is to look at methods for dealing with this type of data, and one such method is Time Series. Time Series analysis, which aids in forecasting, has become a more important issue in today’s global business environment. Time Series assists with the statistical techniques of analyzing past data and projecting it to obtain an estimate to the future. Future worth.
The primary goal of time series analysis is to provide management with a convenient method of measuring and relating changes in the business over time to those in the economy. Time series that measure changes in one’s own business are provided by internal company records, whereas information on changes in the entire industry and in business in general is provided by various external sources. The following chapters will go over the advanced methods of time series analysis in detail.

DEFINITION OF TIME SERIES

A TIME SERIES is a collection of observations obtained by measuring a single variable on a regular basis over time. Variable observations are typically recorded at equally spaced points in time. For example, the number of malaria patients treated on a monthly basis, daily electricity consumption, and so on.

1.2 DEFINITION OF FORECAST

Forecasting is the process of predicting events that will occur in the future. Forecasting is the process of arriving at such an explanation.

1.3 AIMS AND OBJECTIVES OF THE STUDY

The goal of this study is to conduct a statistical analysis on the sales forecasting of wheat flour product in Edo State Flour Mill Company Plc for the next two (2) years and sales from…
Knowing the changes in flour mill sales year after year.
Briefly describing the time series.
Investigating the series’ behavior.
Predicting how the series will behave in the future.

1.4 SCOPE AND COVERAGE OF THE STUDY

The study will provide an overview of time series and their analysis; it will not go beyond the subject, and all statements and expressions will be focused on time series. It covers the roles, significance, historical context, and various types of time series, as well as forecasting. In terms of forecasting, the emphasis will be on time series analysis. This project work will also attempt to analyze the previously stated ideals and objectives.
This work’s content is divided into six chapters. The first chapter covers the introduction, definition of time series and forecasting, as well as goals and objectives. The second chapter focuses on the subject’s literature review by displaying work done by several authors over time. The third chapter deals with trend analysis and its definition, as well as the reasons for studying trends and methods for measuring the components of time series.
The fourth chapter discusses trend analysis and its definition, as well as the reasons for studying trends and methods for measuring the components of time series. Chapter five discusses the data analysis, while Chapter six summarizes and concludes the entire work.

1.5 LIMITATIONS AND PROBLEM OF THE STUDY

Because of the problem of workers being absent from the office, this basically remains a data search. However, after a series of phone calls, I was able to accomplish my goals.
It should be clear that this work is purely academic, and it should be noted that the constraints had no significant impact on the project work.