Time Series and Forecasting

TIME SERIES AND FORECASTING 3

TimeSeries and Forecasting

TimeSeries and Forecasting

Inthe time series, there are challenges in understanding and applyingthe concept in solving mathematical problems and in the practicalsense. One of the greatest challenges that I face is using the excelcalculation formulae to solve time series problems. I am particularlychallenged in calculating the time series problems using the excelspreadsheet methods to develop the time series analysis. I find thischallenging because of the complexity of the excel spreadsheetformulae. Another challenge I face is interpreting the results of thetime series analysis and applying it in the real life. I find itchallenging because of the limitations of the practicality of some ofthe problems.

Tohelp me with these challenges, I found the Microsoft excel Tutorial asignificant guide towards understanding the use of excel formulae.After studying for a while, I found the tutorials viable and a veryhelpful resource for learning prowess in spreadsheet calculations. Atthe same time, I find the book by Henrik Madsen,asa good resource for learning more about the application of timeseries results (Madsen,2007).Through the book, I will be able to understand the use of the resultsof a time series problem and apply them in the practical world.

Inthe real world, forecasting is used to make decisions about sales andbusiness performance in commerce. I worked at a restaurant for ashort while as an intern in the management. I could see theapplication of time series in predicting sales for the restaurant byusing the number of tables and the number of seats as the variablestowards the sales. I participated in the estimation of sales on anactive day, where we used to estimate the sales figure by consideringthe tables, seats and the time each customer spent at the restaurant.

Reference

Madsen,H. (2007). TimeSeries Analysis.BocaRaton:CRC Press