Time Series Models

Time series models are mathematical tools used to analyze data points collected or recorded at specific time intervals. They help identify patterns, trends, or seasonal effects in the data, allowing us to make informed predictions about future values. For instance, businesses might use these models to forecast sales, while meteorologists predict weather changes. By understanding the underlying patterns in historical data, we can better anticipate what might happen next, making time series models valuable in various fields such as finance, economics, and environmental science.