Measure and assess the accuracy and reliability of your forecasting process using industry standard metrics and functions.
Calendar Analysis with NumXL
A core assumption in econometric methods is that time series observations are equally spaced and present. This arises either because observations are made deliberately at even intervals (continuous process) or because the process only generates outputs at such interval in time (discrete process).
Furthermore, the time-unit of a sampling period (i.e. the step) between two consecutive observations can be either absolute (e.g. Daily, weekly, monthly, or annual) or based on a holiday calendar (i.e. adjusted for weekends and holidays).
For example, a daily financial time series of IBM stock closing prices is based on the NYSE holidays calendar, so each observation is taken on an NYSE trading day (open/close). For weekly or monthly time series, the number of trading days varies from one observation to another and we may have to adjust for their effect. A good overage for holidays and trading days effect adjustment can be found in X12-ARIMA literature (see reference section).
Starting in version 1.56 (Zebra), NumXL supports the Date and Holiday Calendar functionality to help you identify any holidays, trading days, and weekdays bias effects that often arise in time series analysis.
Perform a variety of workday and date calculations, using set of holidays and weekend convention.
Supports western and international weekend convention for workday calculation.
Examines and identifies past and future holiday dates.
Defines set of holidays and a weekend convention for use in workdays based calculation.