Time Series Basics — 1 (Analysis)

Time series analysis and forecasting involve working with time-series data, which is a non-static and continuous series of data that varies with time. Extracting useful information from time-series data is challenging, and time-series analysis and forecasting are often used interchangeably. However, they differ in their focus.

Whereas time-series analysis aims to analyze and summarize existing time-series data to study patterns and trends, time-series forecasting aims to predict future trends or values based on old data points or clustering them into groups.