What do you understand by time series analysis? How would you go about conducting such an analysis for forecasting the sales of a product in your firm?

Time series analysis is a statistical technique that focuses on analyzing data that is collected over time. In other words, it is a statistical method that is used to analyze data in which observations are recorded at regular intervals. Time series data can be found in a wide range of fields, including economics, finance, engineering, environmental science, and many others.

The aim of time series analysis is to identify patterns and trends in the data over time, and to make predictions or forecasts about future values. It involves identifying and modeling the underlying factors that contribute to the patterns and trends observed in the data. The models used in time series analysis can range from simple statistical models to more complex mathematical models that take into account multiple factors.

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