- Series: Practical Analytics
- Paperback: 208 pages
- Publisher: Axelrod Schnall Publishers; 3 edition (April 7, 2016)
- Language: English
- ISBN-10: 0991576659
- ISBN-13: 978-0991576654
- Product Dimensions: 7 x 0.5 x 10 inches
- Shipping Weight: 10.4 ounces (View shipping rates and policies)
- Average Customer Review: 3.9 out of 5 stars See all reviews (14 customer reviews)
- Amazon Best Sellers Rank: #1,573,568 in Books (See Top 100 in Books)
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Practical Time Series Forecasting: A Hands-On Guide [3rd Edition] (Practical Analytics) Paperback – April 7, 2016
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Praise for the Second Edition
"The book is a little gem. I found the writing in this book to be a refreshing contrast, making technical concepts understandable."
About the Author
GALIT SHMUELI, PhD, is Distinguished Professor at the Institute of Service Science, National Tsing Hua University, Taiwan. She is co-author of the best-selling textbook Data Mining for Business Analytics, among other books and numerous publications in top journals. She has designed and instructed courses on forecasting, data mining, statistics and other data analytics topics at University of Maryland's Smith School of Business, the Indian School of Business, National Tsing Hua University and online at statistics.com.
For more information visit galitshmueli.com
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Top Customer Reviews
The book provides practitioners with the fundamental concepts and cutting-edge tools needed to understand the emerging role of business forecasting in organizations, apply sophisticated business analytics tools in a business environment, and to communicate with analytics professionals to effectively use and interpret business forecasting models and results for making better business decisions. Three features define this book: visualization; engagement with real life data; and a modern hands-on approach. The general aim of the book is to develop sophisticated professionals’ ability to critically analyze business data. In business forecasting, time series models are used to analyze data that are collected over time to develop forecasting models for revenues, earnings, inventory, sales, budgets, new product development, etc. Because time series data arise in so many different business areas, forecasting methods apply to problems in finance, marketing, real estate, production, operations research, international business, and accounting. This book provides with those skills and also opens possibilities for a forecasting management position in business. There is a shortage of well-trained business analysts, business consultants, MBA’s, etc. for these positions.
This book is based on Microsoft Excel that has become the standard analytical tool in business. Readers also obtain firsthand experience using XLMiner, a state of the art business analytics package that extends Microsoft Excel.
It assumes access to XLMiner, an Excel add-on that supports data mining analysis methods, including a set of time series procedures. XLMiner is available in a free, time-limited trial version, so there is not an availability problem for those working on their own. Other time series software is referenced, but users of XLMiner will get the most from the book's examples.
This book was the text for a four-week, online course taught by Shmeuli.* There were few questions from students about what was presented in the book; it was clear and easy to follow. Questions focused on extending the material. The integration with XLMiner works well, with key analyses worked through step by step. It is necessary to obtain a "teacher's version" of the book to see answers to the included exercises. No help from "the back of the book."
I recommend the book for those learning about time series analysis for the first time. It also seems good preparation for those who intend to study this topic in greater depth.
*The course is now over. Galit Shmueli doesn't have a final grade hanging over my head or anything that would pressure me to give a good review. I genuinely like the book.
Too often technical books use simple examples that bear little resemblance to either the exercises or, even worse, to real life applications. This textbook avoids both pitfalls. First, the chapter exercises require the user have a solid understanding of the material and to thoughtfully apply forecasting techniques to solve a problem. Some of the problems are challenging but by referencing the clear text the independent learner will be able to solve them. Additionally, by using actual data sets in the exercises, students see and experience how forecasting is practically utilized to solve real business problems.
I am an MBA with a background in statistics and my goal was to quickly and effectively learn forecasting techniques that could be immediately applied at work. This book was the perfect resource. The emphasis was on hands-on exploration and practical problem solving.
There are a number of useful data sources and list of references.
In contrast, the rather poor quality video [...] of a lecture given by Professor Hyndman is an excellent "hands-on" introduction. Further, the online textbook "Forecasting: principles and practice" [...]will prove to be an invaluable currently free online resource.
Jorge H. Chavez
Most Recent Customer Reviews
Maybe good enough for managers to just grasp a few concepts but definitely of no use for a...Read more