Demand ForecApplications of SARIMA models include:
Demand Forecasting: SARIMA models are commonly used in retail and supply chain management for forecasting demand, especially when there are clear seasonal patterns.
Financial Time Series Analysis: SARIMA models can be applied to predict stock prices, exchange rates, and other financial indicators that may exhibit seasonality.
Energy Consumption Forecasting: SARIMA models are used to forecast energy consumption, considering the seasonality in energy usage patterns.
Weather Forecasting: SARIMA models can be applied to time series data in meteorology to forecast temperature, precipitation, and other weather-related variables with seasonal patterns.
Economic Indicators: SARIMA models can be used to forecast economic indicators such as unemployment rates, GDP, and inflation, which often exhibit seasonal patterns.
Healthcare: SARIMA models can be applied to predict patient admission rates or disease outbreaks, as many health-related phenomena show seasonal patterns.
Web Traffic Prediction: SARIMA models can be used to forecast website traffic, considering daily or weekly patterns in user.