In many situations involving multiple fields of real life, the need to plan future actions arises. Forecasting is an important tool for efficient planning. Moreover, this tool makes the decision-maker less susceptible to unexpected events because it requires a more scientific approach to the knowledge of the environment in which it operates. Often, the planning of future action arises from the analysis of data accumulated over time to extract information for the characterization of the phenomenon under observation.
A chronological recording of events gives rise to a new type of act, which is precisely called a time series. A time series constitutes a sequence of observations on a phenomenon carried out in consecutive ...
