Question

explain what do you understand by time series. why is time series considered to be an effective tool of forecasting?

Answer 1

Time series model makes it easy to predict future values based on current observed data

Step-by-step explanation:

• Actually time series model tell us about the pattern in the data collected

• Based on the pattern available in the data, you can predict future values

• Time series model is used in different fields like business, engineering etc.

• It helps in better decision making by letting you know that how time is effecting the value e.g. it has a decreasing trend, increasing trend or steady etc.

Learn more about time series analysis from the link below

https://brainly.in/question/13945646