Thread by @daansan_ml

What's the difference between Time Series Analysis and Forecasting? 🤔

🧵 THREAD 🧵

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Time Series Analysis and Time Series Forecasting are both methods used to analyze and make predictions about data collected over time, but they have different focuses and applications.

▶️ Time Series Analysis is the process of understanding the underlying structure and patterns in a dataset.

It is used to identify trends, patterns, and relationships in the data, as well as to examine the behavior of a variable over time.

▶️ Time Series Forecasting, on the other hand, is the process of using historical data to make predictions about future values of a variable.

It involves using statistical and machine learning techniques to build models that can predict future values based on past data.

- Time Series Analysis helps you to make better decision and identifying potential issues or opportunities.

- Time Series Forecasting is used in a wide range of applications, such as financial forecasting, weather forecasting, and demand forecasting.

📢 TL;DR

Time Series Analysis is about understanding the past and present of a time series, Time Series Forecasting is about predicting the future of a time series.

Understanding the difference between Time Series Analysis and Time Series Forecasting is crucial for applying the right method to the right problem.

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