PSRTI Conducts Regular Training Course on Time Series Analysis and Basic Forecasting on August 23-27, 2021

Posted September 9, 2021

The Philippine Statistical Research and Training Institute (PSRTI) held its Regular Training Course (RTC) on Time Series Analysis and Basic Forecasting on August 23-27, 2021. The training was attended by 17 participants comprised mostly of staff from the National Economic Development Authority (NEDA) Regional Offices with a sole participant from the Department of Labor and Employment Regional Office V.

The resource person for this training was Professor John Carlo P. Daquis from the University of the Philippines Diliman.

The five-day training course covered the basics of time series analysis and simple forecasting techniques. There were in-depth discussions on how to use RStudio, a statistical software used for various types of statistical analyses, as well as introduction to time series data and how to appropriately address data gaps. The lectures also touched on time series decomposition, basic forecasting techniques, and forecasting using exponential and Error Trend Seasonality (ETS) smoothing.

In the Introduction to RStudio, topics covered the basics, while progressing towards decomposing time series data, graphing time series data and its components, performing ETS smoothing methods, and making forecasts of future values. Lectures seamlessly complimented the hands-on activities, that guided the participants in their daily workshops.

On the final day of the course, impressions were given by selected participants on the overall conduct of the training. Generally, it was said that the virtual training was successful in achieving its goals, with one mentioning that she, “liked how the topics [in the] training course [were] prepared and organized in a way that made it easy for the participants [to understand], especially those with only [a] basic background in Statistics, to cope [with] and understand given the fact that Time Series Analysis is an advance[d] topic.” Overall, the participants enjoyed and learned a lot from the training course.