The essay geekTime series models help evaluate performance and make predictions. Consider the following and respond in a minimum of 175 wor

and profits over time. Time series models help evaluate performance and make predictions. Consider the following and respond in a minimum of 175 words:Time series decomposition seeks to separate the time series (Y) into 4 components: trend (T) cycle (C) seasonal (S) and irregular (I). What is the difference between these components?The model can be additive or multiplicative.When we do use an additive model? When do we use a multiplicative model?The following list gives the gross federal debt(in millions of dollars) for the U.S. every 5 years from 1945 to 2000:Year    Gross Federal Debt ($millions)1945    260 1231950    256 8531955    274 3661960    290 5251965    322 3181970    380 9211975    541 9251980    909 0501985    1 817 5211990    3 206 5641995    4 921 0052000    5 686 338Construct a scatter plot with this data. Do you observe a trend? If so what type of trend do you observe?Use Excel to fit a linear trend and an exponential trend to the data. Display the models and their respective r^2.Interpret both models. Which model seems to be more appropriate? Why?Due Day 7 Reply/respond to at least 2 of your classmates or your faculty member and/or address the following subjects:When might you use the time series model at your workplace? Explain your answer.What is meant by an irregular event and how might we plan for it?How is the time series model connected to forecasting?How do you view Data Analytics differently today than your first thoughts about Data Analytics at the beginning of this course.Be constructive and professional. Dec 01 2021