Time Series Data Analysis for Forecasting - A Literature Review

Abstract

In today's world there is ample opportunity to clout the numerous sources of time series data available for decision making. This time ordered data can be used to improve decision making if the data is converted to information and then into knowledge which is called knowledge discovery. Data Mining (DM) methods are being increasingly used in prediction with time series data, in addition to traditional statistical approaches. This paper presents a literature review of the use of DM and statistical approaches with time series data, focusing on weather prediction. This is an area that has been attracting a great deal of attention from researchers in the field.