time series forecasting to predict values for following business situations.
– Monthly beach bike rentals
– A stock’s daily closing value
– Annual sheep population
Average Method
The best predictor of what will happen tomorow is the average of everything that has happened up until now.
Moving average method
Naive Method
If there is not enough data to create a predictive model, the Naive method can supplement forecasts for the near future.
Seasonal Naive Method
Assumes that the magnitude of the seasonal pattern will remain constant.
Exponential Smoothing Model
Past Observations, Weighted Average
