Explain the time-series decomposition

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Reference no: EM133417261

Questions:

1. Explain the similarity between how time-series decomposition and Winters' exponential smoothing deal with seasonality.

2. Using your own words, please develop description each of the four components (1) the trend; 2) seasonality; 3) the cycle; and 4) random (irregular) fluctuations)of the classic time series decomposition technique. Avoid using mathematical relationships and technical jargon as much as possible so that your explanations can be understood by almost anyone.

3. Explain why a combined model might be better than any of the original contributing models.

Reference no: EM133417261

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