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Time Series Analysis

Practical ExamplesPractical Examples

Medicine, online business, education - each of these areas are filled with many time series for which we can design statistical models and start predicting. What are the real problems that we can solve?

Let's say you have an online store. It immediately becomes clear that we can predict the net profit that sales bring. We have the ability to predict the individual behavior of regular customers and predict how many purchases they can make in the current and next month.

Moreover, we can focus on the processes that take place inside large companies and predict employee turnover, for example.

In the medical field - you have the ability to create models to predict the number of visits to the emergency department, the development of a person's EEG during exercise, early diagnosis, etc.

If you have any data in your company that changes over time, there is a high probability that by collecting the dataset, you can find a problem that mathematical models for time series will allow you to solve.


The trading company has expanded significantly over the past 6 months. The sales manager thinks that more staff needs to be hired, so he wants to find out how much the number of orders will increase in the next 3 months in order to further calculate the required number of employees. Could this problem be solved using statistical models for time series?

Select the correct answer

Everything was clear?

Section 1. Chapter 2