Question
Download Solution PDFThe method of least squares is used on time-series data for:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is
Key Points
- 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.
Last updated on Jul 21, 2025
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