We are required to define the trend of oil prices before the earthquake and after the earthquake then predict future oil prices. Our conclusion and recommendations will be based on our findings after the time series analysis.
Ecuador is a country located in the coast of the North western region of Southern America. It's capital is Quito city. The larger population of Eucador is latin Americans.In this study, we will be predicting the sales of Favorita Stores in Ecuador. Ecuador is a major petroleum exporter. It is also prone to earthquakes, volcanic eruptions, and tsunamis. The most recent major earthquake was on April 16th, 2016. The most recent was 2022-03-26 which had minor damage. The impact of the unbalanced natural phenomena is especially felt on oil production and pricing, which in turn affects sales. To reduce the impact of the negative consequences, the sales managers, through a team of data scientists, decided to do a prediction of sales by predicting oil price fluctuations so that Favorita Stores can prepare accordingly for the expected oil price fluctuations caused by the earthquaKe.
i.) Importing libraries necessary for analysis.
ii.) Reading the datasets.
iii.) Previewing datasets and their information.
iv.) Data cleaning procedures; checking and dealing with outliers and anomalies, imputing null values, deleting duplicates, converting columns into appropriate datatypes, checking and removing whitespaces and renaming column appropriately.
v.) Perform univariate and bivariate exploratory data analysis.
vi.) Implement the solution; hypothesis testing and time series analysis.
vii.) Make conclusions based on findings
viii.) Give recommendations.
Distributed under the MIT License. See https://github.com/Eltonjohn-Oketch/Ecuador-oil-prices-time-series-analysis/blob/main/LICENSE for more information.
Time series Analysis
Eltonjohn oketch