Time-series methods are used to do the following:
- Understand the generative process underlying the observed data
- Fit a model in order to monitor or forecast a process
The basic objective usually is to determine a model that describes the pattern of the time series. Uses for such a model are:
- To describe the important features of the time series pattern.
- To explain how the past affects the future or how two time series can interact.
- To forecast future values of the series.
- To possibly serve as a control standard for a variable that measures the quality of product in some manufacturing situations.