Trend analysis
Encyclopedia
Trend Analysis is the practice of collecting information and attempting to spot a pattern, or trend, in the information. In some fields of study, the term "trend analysis" has more formally-defined meanings.
Although trend analysis is often used to predict future events, it could be used to estimate uncertain events in the past, such as how many ancient kings probably ruled between two dates, based on data such as the average years which other known kings reigned.
trend analysis is a mathematical technique that uses historical results to predict future outcome. This is achieved by tracking variances in cost and schedule performance. In this context, it is a project management quality control tool.
, trend analysis often refers to techniques for extracting an underlying pattern of behaviour in a time series
which would otherwise be partly or nearly completely hidden by noise
. A simple description of these techniques is trend estimation
, which can be undertaken within a formal regression analysis
.
Although trend analysis is often used to predict future events, it could be used to estimate uncertain events in the past, such as how many ancient kings probably ruled between two dates, based on data such as the average years which other known kings reigned.
Project management
In project managementProject management
Project management is the discipline of planning, organizing, securing, and managing resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end , undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value...
trend analysis is a mathematical technique that uses historical results to predict future outcome. This is achieved by tracking variances in cost and schedule performance. In this context, it is a project management quality control tool.
Statistics
In statisticsStatistics
Statistics is the study of the collection, organization, analysis, and interpretation of data. It deals with all aspects of this, including the planning of data collection in terms of the design of surveys and experiments....
, trend analysis often refers to techniques for extracting an underlying pattern of behaviour in a time series
Time series
In statistics, signal processing, econometrics and mathematical finance, a time series is a sequence of data points, measured typically at successive times spaced at uniform time intervals. Examples of time series are the daily closing value of the Dow Jones index or the annual flow volume of the...
which would otherwise be partly or nearly completely hidden by noise
Noise
In common use, the word noise means any unwanted sound. In both analog and digital electronics, noise is random unwanted perturbation to a wanted signal; it is called noise as a generalisation of the acoustic noise heard when listening to a weak radio transmission with significant electrical noise...
. A simple description of these techniques is trend estimation
Trend estimation
Trend estimation is a statistical technique to aid interpretation of data. When a series of measurements of a process are treated as a time series, trend estimation can be used to make and justify statements about tendencies in the data...
, which can be undertaken within a formal regression analysis
Regression analysis
In statistics, regression analysis includes many techniques for modeling and analyzing several variables, when the focus is on the relationship between a dependent variable and one or more independent variables...
.
Management Accounting
In management accounting, we calculate the trends. By its analysis, we check our company's past performance and financial position's growth.History
Today, trend analysis often refers to the science of studying changes in social patterns, including fashion, technology and consumer behavior.See also
- CoolhuntingCoolhuntingCoolhunting is a term coined in the early 1990s referring to a new breed of marketing professionals, called coolhunters. It is their job to make observations and predictions in changes of new or existing cultural trends...
- ExtrapolationExtrapolationIn mathematics, extrapolation is the process of constructing new data points. It is similar to the process of interpolation, which constructs new points between known points, but the results of extrapolations are often less meaningful, and are subject to greater uncertainty. It may also mean...
- Technology forecastingTechnology forecastingTechnology forecasting attempts to predict the future characteristics of useful technological machines, procedures or techniques.-Important aspects:...
- Weather forecastingWeather forecastingWeather forecasting is the application of science and technology to predict the state of the atmosphere for a given location. Human beings have attempted to predict the weather informally for millennia, and formally since the nineteenth century...