Time series forecasting is part of predictive analytics . It can show likely changes in the data, like seasonality or cyclic behavior, which provides a better understanding of data variables and helps forecast better.
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An observed time series can be decomposed into three components: the trend (long term direction), the seasonal (systematic, calendar related movements) and the irregular (unsystematic, short term fluctuations). WHAT ARE STOCK AND FLOW SERIES? Time series can be classified into two different types: stock and flow .
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