Łódź, Poland

Trend Analysis and Forecasting in Business

Analiza i prognozowanie trendów w biznesie

Table of contents

Trend Analysis and Forecasting in Business at Merito Łódź

Language: Polish Studies in Polish
Subject area: economy and administration
Studies online Studies online
University website: www.merito.pl

Definitions and quotes

Analysis
Analysis is the process of breaking a complex topic or substance into smaller parts in order to gain a better understanding of it. The technique has been applied in the study of mathematics and logic since before Aristotle (384–322 B.C.), though analysis as a formal concept is a relatively recent development.
Business
Business is the activity of making one's living or making money by producing or buying and selling goods or services. Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors." The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, but this article will not deal with that sense of the word.
Forecasting
Forecasting is the process of making predictions of the future based on past and present data and most commonly by analysis of trends. A commonplace example might be estimation of some variable of interest at some specified future date. Prediction is a similar, but more general term. Both might refer to formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods. Usage can differ between areas of application: for example, in hydrology the terms "forecast" and "forecasting" are sometimes reserved for estimates of values at certain specific future times, while the term "prediction" is used for more general estimates, such as the number of times floods will occur over a long period.
Analysis
The fact that all Mathematics is Symbolic Logic is one of the greatest discoveries of our age; and when this fact has been established, the remainder of the principles of mathematics consists in the analysis of Symbolic Logic itself.
Bertrand Russell, Principles of Mathematics (1903), Ch. I: Definition of Pure Mathematics, p. 5
Analysis
[A]t the close of the Middle Ages, when the so-called Arabic figures became established throughout Europe with the symbol 0 and the principle of local value, immediate progress was made in the art of reckoning. The problems... led up to the general solutions of equations of the third and fourth degree by the Italian mathematicians of the sixteenth century. Yet even these discoveries were made in somewhat the same manner as problems in mental arithmetic are now solved in common schools; for the present signs of plus, minus, and equality, the radical and exponential signs, and especially the systematic use of letters for denoting general quantities in algebra, had not yet become universal. The last step was definitively due to... Vieta... and the mighty advancement of analysis resulting therefrom can hardly be measured or imagined.
Thomas J. McCormack, "Joseph Louis Lagrange. Biographical Sketch" (1898) in his translation of Joseph Louis Lagrange, Lectures on Elementary Mathematics (1898); 2nd edition (1901) p. viii.
Analysis
The terms synthesis and analysis are used in mathematics in a more special sense than in logic. In ancient mathematics they had a different meaning from what they now have. The oldest definition of mathematical analysis as opposed to synthesis is that given in Euclid, XIII. 5, which in all probability was framed by Eudoxus: "Analysis is the obtaining of the thing sought by assuming it and so reasoning up to an admitted truth; synthesis is the obtaining of the thing sought by reasoning up to the inference and proof of it."
Florian Cajori, A History of Mathematics (1893). p. 30
Privacy Policy