Submit a 6-8 page paper on one of the major topics listed below. Incorporate at least two related articles/sources of your choice:
Linear and Integer Programming Modeling
Project Scheduling Modeling
Time Series Forecasting
The paper must (a) identify the main issues in the chosen area, (b) apply and reference new learning that has occurred, (c) build upon class activities or incidents that facilitated learning and understanding, and (d) present specific current and/or future applications and relevance to the workplace. The emphasis of the paper should be on modeling application, outcomes, and new learning.
When we observe events on a timely manner, this is called time series prediction
also known as a part of forecasting, or predicting an outcome in the future based on the
information from the past (Lawrence & Pasternack, 2002, p. 387). Time series then
involves basic information and data from the collective past and these are used, analyzed
and reviewed to predict the future of a specific product or say service. Time series
forecasting is important in making business decisions hence it is important that the
forecasting must be made precisely and correctly. Among the things we are hearing being
forecasted are the weather, future sale of a particular product or the coming temperature.
There are different time series forecasting modelling and in this paper, we will discuss the
importance of such information and how it is being used. In the end, we will be providing a
recommendation based on the conclusion that we will have on this paper.
The Importance of Time Series Data
The most important use of time series forecasting is to be able to predict a certain
future involving the product or service that the company is providing, in case a prediction
is inline, then it means that the company can now see possible problem or issues in the
future that they can address in advance. Besides, if they can address issues in advance, the
company can avoid losing more because they can have a backup plan all the time. One
company that uses forecasting all the time are BPO or call centers where in the volume of
calls that the company might need to answer over a period of time is being forecasted in
advance so the company can provide enough number of people to answer it. This means
effectively utilizing the resources and manpower that the company has while at the same
time being able to identify if each employee got all the tools they need in order to do their
work. Tools like computers, chairs and tables are all necessary in order to make each
individual employee function properly.
Aside from industry needs and corporate needs, there are other sector of the
community that uses forecasting and time series to be a useful part of humanity. Take for
example the scientific discoveries that we have in the past, the different diseases and
medical conditions that we have recorded and the different medications and researches
done to cure such medical condition. All of these are being reviewed and analyzed to get
better information about different current medical conditions that we have at the moment.
In cases where in gaps are visible, there is a big chance that filling such gap can actually
resolve the problem or the current condition that the doctors are trying to identify.
If there are statistics and data that need to be reviewed, time series can be used to
make sure that these data do correlate with each other in any way (Brillinger, 2000).
Besides, time series data is not an ordinary set of number but is in fact a data that means to
communicate and provide information.