Question: Time - series analysis is used for both descriptive purposes and forecasting purposes. What is the major difference between these two purposes? Description is about

Time

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series analysis is used for both descriptive purposes and forecasting purposes. What is the major difference between these two purposes?

Description is about analyzing what has already happened, whereas forecasting is about attempting to determine what will happen in the future.

Description can be performed on a time series presented in a tabular format, whereas forecasting can only be performed on a time series presented as a graphical plot.

Description is used to determine the way a model changes over time, whereas forecasting is only used to determine the change in a model at one specific point in time.

Description can be performed with routine analysis, but forecasting is often only performed with sub

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routine analysis.

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