VILLANUEVA, MAY JOY M.

CBME: ACTIVITY 8
BSA-1E

1. Define forecast based time-series data.

 Time series forecasting is the process of analyzing time series data
using statistics and modelling to make predictions and inform strategic
decision making. Time series data is the data recorded over consistent
intervals of time.

2. Differentiate the reactive and proactive approach to forecast. How can we

apply it to an organization?
 Reactive approach is used by the companies to deal with an
unforeseen situation after it has taken place. In certain cases,
unexpected problems may arise, either internally or externally. In such
cases, the company needs to respond fast. And, this is when
companies commonly use reactive approach.
 Proactive approach are designed to anticipate challenges, threats and
opportunities. A proactive approach is focused on planning for the
future. Furthermore, it helps to recognise and prevent potential hazards
before they appear. Thus, it can predict the future and achieve better
outcomes.
 In other words, the difference between the application of proactive
approach and reactive approach is mainly one’s preparation and
accountability.
 Planning for the future will bring favourable outcomes for the
organization in all aspects. If a company solely follow a reactive
approach, the company will be at a huge risk. Therefore, a business
can not move forward only by using proactive approach, both the
approaches are favourable to remain in the business. Reactive and
proactive approach are required alongside with each other to mitigate
issues and remain successful.