Question
Download Solution PDFThe method of least squares is used on time-series data for:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDF- The method of least squares is commonly employed in the analysis of time-series data to obtain the trend equation.
- This method aims to find the best-fitting line that minimizes the sum of the squared differences between the observed data points and the corresponding values predicted by the trend equation.
- By fitting a trend line to the time-series data, we can estimate and model the underlying trend or pattern present in the data, which helps in forecasting future values or understanding the overall direction of change.
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