Time Series Analysis is a set of advanced statistical techniques used for data gathered on a specific characteristic over a period oftime.Timeseriesdata are used in business to examine patterns, trends, and cycles from the past and forecast patterns, trends, and cycles in the future. A number of methods are available for analyzingtimeseriesdata including:

• Nave methods
• Averaging
• Smoothing
• Regressionanalysis
• Decomposition

Select two of these methods and prepare brief summary on the characteristics of each technique, when the technique can be used, pitfalls of the technique.