Conducting time series analysis
Time series analysis involves extracting meaningful data and identifying trends by analyzing your data in time order. You can use this time-ordered data to make predictions about the future, forecasting future needs or desired actions.
Visuals such as line charts can be used alongside the forecasting pane to show how your time series data is predicted to change. Many times, time series analysis involves using plots such as Gantt charts, which can be helpful for scenarios such as project planning or monitoring stock market data. By looking at your data using these tools, you can best identify when events have influenced change in your business. Any events that impact your business should be represented in the data and thus be identifiable when looking at the time series data.
In Figure 13.3, we can see the phases of a project as it moves along the axis of time. Before Feb 07, we can see that the phase was Scope, while the Analysis phase started...