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May 01, 2023

Answer:

Arima

Slide 1:

One of the most important question involved in this presentation is “what is data analysis?”. Data analysis is crucial in any business firm and it involves the process of examining a given data set to enable one to draw the most appropriate conclusion about the key question that they wanted to answer. It is most of the time is a continuous process that involves the collection and analysis of data that is still under scrutiny, that is because research normally tries to identify the patterns that are present in the entire data that has been collected.

Tools like MS Excel, Python, RStudio etc. are used in any type of data analysis project.

In the current project Python has been selected as the data analysis tool. Python has become a very important tool that researchers prefer when they want to conduct analysis of any given data set, and this is because the software is flexible and the language is easy for analysts to understand.

An ARIMA model will be used in order to forecast a given set of data.

Slide 2:

ARIMA model normally entail three terms that is p, d and q. These terms have meaning and are very essential for this model, for instance;

P – Stands for the order of the Autoregressive (AR) term

d – Stands for the total number of differentiations that is needed to make the time series analysis stationary, keeping in mind that for a stationery time series d is always equal to zero (d = 0).

q – Stands for the Moving Average (MA) term. It entails the total number of lagged errors that should be in the ARIMA model.

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