Forecasting Process Summary

An event repository stores information about calendar events with a brief description of each event. Calendar events can be represented by indicator variables that could be stored in the time series data. However, because the influential calendar events can vary from series to series, there might be too many to store efficiently and many calendar events will be redundant, making updates difficult. Therefore, it is better to store a brief description of the calendar event, to reproduce the indicator variable in the computer’s memory when needed, and to store the calendar events independently of the time series data, to allow the reuse and update of the calendar events. Additionally, the event repository can be used by more than one time-stamped data set.

See Chapter 7, The HPFEVENTS Procedure, for more information about creating event definitions and storing them in an event repository.