She will first analyze the historical data by separating the causes of past changes in demand into the following  (1) trend, (2) seasonality, (3) cyclicality, and (4) random fluctuation.
( She ( ( ( will first ) ( analyze ( ( ( ( ( ( the ( historical data ) ) ( by ( ( separating ( ( the causes ) ( of ( ( past changes ) ( in demand ) ) ) ) ) ( into ( ( ( ( the ( ( ( ( following ( ( -LRB- ( 1 -RRB- ) ) trend ) ) , ) ( -LRB- ( 2 -RRB- ) ) ) seasonality ) ) , ) ( -LRB- ( 3 -RRB- ) ) ) cyclicality ) ) ) ) ) , ) and ) ( -LRB- ( 4 -RRB- ) ) ) ( random fluctuation ) ) ) ) . ) )
(ROOT (S (NP (PRP She)) (VP (MD will) (ADVP (RB first)) (VP (VB analyze) (NP (NP (NP (DT the) (JJ historical) (NNS data)) (PP (IN by) (S (VP (VBG separating) (NP (NP (DT the) (NNS causes)) (PP (IN of) (NP (NP (JJ past) (NNS changes)) (PP (IN in) (NP (NN demand)))))) (PP (IN into) (NP (NP (NP (DT the) (NP (NP (JJ following) (PRN (-LRB- -LRB-) (NP (CD 1)) (-RRB- -RRB-)) (NN trend)) (, ,) (PRN (-LRB- -LRB-) (NP (CD 2)) (-RRB- -RRB-))) (NN seasonality)) (, ,) (PRN (-LRB- -LRB-) (NP (CD 3)) (-RRB- -RRB-))) (ADVP (RB cyclicality)))))))) (, ,) (CC and) (PRN (-LRB- -LRB-) (NP (CD 4)) (-RRB- -RRB-)) (NP (JJ random) (NN fluctuation))))) (. .)))
Trends aren't considered to be a cause of change in demand.
( Trends ( ( ( are n't ) ( considered ( to ( be ( ( a cause ) ( of ( change ( in demand ) ) ) ) ) ) ) ) . ) )
(ROOT (S (NP (NNS Trends)) (VP (VBP are) (RB n't) (VP (VBN considered) (S (VP (TO to) (VP (VB be) (NP (NP (DT a) (NN cause)) (PP (IN of) (NP (NP (NN change)) (PP (IN in) (NP (NN demand))))))))))) (. .)))