Definition: Time series models are statistical models used to analyze data points collected or recorded at specific time intervals.
These models are employed to forecast future values based on historical patterns in the data, which can include trends, seasonal variations, and cycles.
Time series models are widely used for predictive analytics and trend forecasting. In finance, they help in stock market analysis, while in economics, they forecast GDP, inflation rates, and other economic indicators. Businesses use time series models for demand forecasting, inventory management, and sales predictions. Additionally, time series models are useful in natural sciences for predicting weather patterns and environmental trends.
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