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Many private and public companies would be forecasting the financial variables of their macroeconomics to take the right decisions that help their businesses to grow to new heights. Basically, the time series is all about observing a series of events over a period of time, whereas a forecast would be related to predicting the events that are going to happen in the future. When you are making predictions on time series data like the events that are happening over a period of time, it is called time series forecasting. The time series financial forecast would predict future events based on past data. This type of forecasting is used by many businesses so that they can take the right decision about their industry. For instance, it is important to forecast the demand for the retail store so that they can procure the raw materials in the right quantity. Another good example is weather forecasting which would be based on the current and past weather changes. These are the predictions that lay a path to solving any financial or other issue related to the business.
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There are different types of techniques that are used to forecast future events. These include:
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