Reference no: EM13118575

Sets of data can be presented in multiple ways including "time series". Examples of data within a "time series" include:

a. Amount of goods shipped from a factory
b. Weekly series of the number of road accidents
c. Hourly observations of a chemical process and so on.

This discussion has two questions and requires an understanding of both "time series" and "forecasting" to answer. Your goal is to answer both questions fully and support your answers, findings, or conclusions. Make sure you have completed the assigned reading before beginning. You may find you will need to use the Kaplan virtual library or the internet to do additional research to answer the questions asked OR to provide support for your conclusions.

Question 1 - From your professional experiences within the workplace (past or present) identify at least TWO EXAMPLES of time series data. You may find it necessary to consider how your organization(s) have utilized time series data to "forecast".

Forecasting is the result of utilizing methods that estimate future aspects of our business or organization. In effect, forecasting attempts to predict the future. We utilize time series data to help us understand and examine patterns, cycles, or trends. Examples of forecasts from time series data could include:

a. United States stock market analysts predict resurgence in stock prices within the next 12 months.
b. Airline specialists predict a continued downturn in business for the airline industry.
c. Energy experts predict an increase in worldwide solar power usage at 10% or greater within the coming decade.

Question 2 - Use the Kaplan virtual library or the internet to locate a current event article (from within the last 5 years) that discusses a prediction or outlook for a certain business or industry. Summarize the article identifying the prediction and what information or data (if any) was used in helping form that prediction. If known, was the forecast correct?