Time Series Modeling (also known as Time Series Forecasting) is a method for predicting future outcomes by examining historical trends. The underlying premise is that prior trends will continue to be relevant for the foreseeable future. It fits models to historical data to predict values. Time series modeling is necessary for time-specific prediction challenges since it offers a data-driven approach for optimal planning.
In the mid-1960s, editors at Time Magazine predicted that by 2000, the “machines will be producing…