2. You Should Know about Time Series Forecasting in R

Applications of Time Series Forecasting

  • Time series forecasting is used in stock price prediction to predict the closing price of the stock on each given day.
  • E-Commerce and retail companies use forecasting to predict sales and units sold for different products.
  • Weather prediction is another application that can be done using time series forecasting.
  • It is used by government departments to predict a state’s population, at any particular region, or the nation as a whole.

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