TYPES OF FORECASTING

 NEED FOR FORECASTING

    1. To predict future sales in industries

    2. To schedule the production activities

    3. To prepare material planning to make the material available at the right quality and the right time.

    4. Time series analysis is done mainly for the purpose of forecasting and for evaluating past performance

TIME SERIES ANALYSIS

    An arrangement of statistical data in accordance with the time is called time series.

    The numerical data which we get at different points in time.

    It plays an important role in economics, statistics, and commerce.

    The time series analysis is done mainly for the purpose of forecasts and for evaluating past performances.

REGRESSION

    If there is a cause and effect relationship between the variables X and Y, then the average relationship between these two variables is called regression

    The linear relationship giving the best mean value of a variable corresponding to the other variable is called a regression line.