A comparative study on application of time series analysis for traffic forecasting in India: prospects and limitations
Modelling of growth trend and improvement in forecasting techniques for vehicular population has always been and will continue to be of paramount importance for any major infrastructure development initiatives in the transportation engineering sector. Although many traditional as well as some advanced methods are in vogue for this process of estimation, there has been a continuous quest for improving on the accuracy of different methods. Time-series (TS) analysis technique has been in use for short-term forecasting in the fields of finance and economics, and has been investigated here for its prospective use in traffic engineering. Towards this end, results obtained from two other traditional approaches, namely trend line analysis and econometric analysis, have also been collated, underlining the better results obtained from TS analysis.