Analyzing Time Series Data And Forecasting Its Future Values Essay

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A Time Series is a data set which describes a function or property that varies or changes over time. Time Series Analysis examines this changing data, often with the objective of predicting the future occurrences (David Corliss, 2009). Analyzing time series data and forecasting its future values are among the most significant challenges in many fields like agriculture, meteorology, finance, economics, engineering, industrial production, and various environmental studies.
1.1 Background study
The entire global community is currently suffering from the unfriendly climatic conditions, the gradual disappearance of rain forest in the tropical regions, the loss of animal and plant species, changing rainfall patterns, and global warming resulting from the changing climate. Climatic changes have the potential to affect all natural systems. It is therefore becoming a threat to human development and survival economically, socially and politically. Despite the fact that the climatic changes pose a threat to the entire globe, many people believe that developing countries (like Kenya) in the tropical regions of the world will be impacted more severely than developed ones.
The most influential factors in the climate are temperature and moisture. According to a study by Tanusree and Kishore (2012), climate change seems to be one of the most important issues in the recent two decades and temperature has been identified as one of the key elements that can indicate climate change.
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