ABSTRACT
This chapter explains two time series forecasting alternatives. One is the statistical software called SARAS. The other is the well-known Box-Jenkins procedure. SARAS is based on the state-space approach of modern control theory. It includes various options for data analysis and forecasting. Time series methods provide useful forecasting information for certain planning and management functions. There are several statistical methods for forecasting univariate data. The Box-Jenkins procedure has become well-known in this field. Both SARAS and the Box-Jenkins procedure include many alternative models. A specific model from each need is to be chosen for the comparison test. It is considered to give very accurate forecasts. In addition, corresponding forecasts of the trend and the autoregressive-moving average components are given. The predictions can be saved in computer files where necessary and the stored results can be plotted subsequently on available graphics equipment.
