State the uses of analysis of time series.

1.	State the uses of analysis of time series.
Answer» The analysis of time series is useful in trade, science, social and political fields as follows : It is possible to know the past situation and use it to obtain the type and measure of variation. By using statistical method the estimated value of the variable in future can be obtained. Using the estimated values proper decisions can be taken for the future and activities can be planned accordingly. A comparative study can be carried out for the variations in the given variable at different times and places. The estimated obtained from the past data can be compared with the present values and the reasons for discrepancies between them can be investigated.

Answer»

The analysis of time series is useful in trade, science, social and political fields as follows :

It is possible to know the past situation and use it to obtain the type and measure of variation.
By using statistical method the estimated value of the variable in future can be obtained.
Using the estimated values proper decisions can be taken for the future and activities can be planned accordingly.
A comparative study can be carried out for the variations in the given variable at different times and places.
The estimated obtained from the past data can be compared with the present values and the reasons for discrepancies between them can be investigated.

Discussion