What are you looking for in business when doing Time Series Forecasting?
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Short-term planning:
- Allocate resources efficiently (staff, inventory, production capacity).
- Optimize customer service and operational schedules.
- Plan promotions, logistics, and supply chain needs based on near-term demand.
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Long-term planning:
- Guide strategic decisions, such as market expansion or capital investment.
- Forecast revenue growth or customer base changes—but with caution, as uncertainty increases over time.
- Incorporate risk management and scenario analysis for external factors (e.g., economic changes, competitor actions, seasonality).
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Decision support:
- Identify trends, seasonality, and anomalies to inform business strategy.
- Detect early warning signs of declining demand or unexpected surges.