Question: What are the different Forecasting Techniques? What is the difference between Model Based Method and Data-Driven Method? What are the four components of Time-series data?

  1. What are the different Forecasting Techniques?
  2. What is the difference between Model Based Method and Data-Driven Method?
  3. What are the four components of Time-series data?
  4. What is the difference between seasonal component and cyclical component of Time-series data?

Note:It is important to know the difference between seasonal and cyclical components to avoid confusion in therms of English language usage.

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