DPA of Time Series Data in Process-Aware Information Systems 37 value is not overshot at all; that is, in 70% of the process instances the haulage continues until the destination is reached. Time series data are data points collected over a period of time as a sequence of time gap. Time series models are very useful models when you have serially correlated data. We de ne a new analysis path for a better un- Time series modeling and forecasting has fundamental importance to various practical domains. Time-Critical Decision Making for Business Administration. Effective decision making . One such method, which deals with time based data is Time Series Modeling. FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS The Institute of Cost Accountants of India CMA Bhawan, 12, Sudder Street, Kolkata - 700 016 . The time series method of forecasting is one data analysis tool that measures historical data points -- for instance, using line charts -- to forecast future conditions and events. Decision making ranges from strategic decisions through to managerial decisions and routine operational decisions. 1 Models for time series 1.1 Time series data A time series is a set of statistics, usually collected at regular intervals. The data is considered in three types: Time series data: A set of observations on the values that a variable takes at different times. As the name suggests, it involves working on time (years, days, hours, minutes) based data, to derive hidden insights to make informed decision making. Organisations are constantly making decisions at every level. Time series data means that data is in a series of particular time periods or intervals. Time series data analysis means analyzing the available data to find out the pattern or trend in the data to predict some future values which will, in turn, help more effective and optimize business decisions. The site contains concepts and procedures widely used in business time-dependent decision making such as time series analysis for forecasting and other predictive techniques. Definition and concept. Time series data occur naturally in many application areas. Time series analysis is a statistical technique that deals with time series data, or trend analysis. Effective decision making Topic Gateway Series 3 . Many important models have been proposed in literature for improving the accuracy and effeciency of time series modeling and forecasting. The goal of the time series method is to identify meaningful characteristics in the data that can be used in making … • finance - e.g., daily exchange rate, a share price, etc. 3 ( rst model). Thus a lot of active research works is going on in this subject during several years. Using this data and the alpha algorithm of ProM 5.21 we develop the model shown in Fig. Decision making in business is about selecting choices or • economics - e.g., monthly data for unemployment, hospital admissions, etc.