The present disclosure relates to system(s) and method(s) for building an ARIMA based Time Series prediction/forecast model for Key Performance Indicators (KPIs) and Performance Management (PM) counters in a telecommunication network. The system receives historical data, for a predefined period, associated with a prediction/forecast model. The system further pre-processes the historical data in order to evaluate statistical characteristics of stationarity of the historical data. Based on the evaluation, the system stationarizes the data first by backfilling anomalies and missing data and then applying techniques associated with differencing, moving averages and auto-correlation. The system further builds the Time Series based prediction/forecast model using the data using ACF and PACF correlation functions.