Keeping in mind the distinction between univariate and multivariate models, consider a wine merchant seeking to forecast the price per case at which 2010 Chateau Latour, one of the greatest Bordeaux wines ever produced, will sell in the year 2025, at which time it will be fully mature

UNIVARIATE ANALYSIS:9

• Univariate analysis are used extensively in quality of life.It is defined as analysis carried out on only one(uni-one,sigle)
• It explores each varaiable in a data set,separately.It looks at the range of values, as well as the central tendency of the values.
• Univariate analysis describes the pattern of response to the variable.

.MULTIVARIATE ANALYSIS:

• A multivariate analysis is based on the principle of multivarriate statistics, which involves observation and analysis of more than one statistical outcome variable at a time.
• Typically it is used to address the situations where multipld measurements are made on each experimental unit.

APPROACH TO FORECAST LATOUR PRICE

Multivariate Analysis:

A multivariate analysis time series has more than one time dependent variable.Each variable depends not only on its past value but also have some dependency on other variable .

This dependency is used for forecasting future value.

Since it consider more then one factor of independent variable that influence the variable that influence the variablity of dependent variable ,the conclusion drawn will be more accurate.