What is time series ? Explain briefly the components of the time series with examples?
Answers
Answer:
A time series is a series of data points indexed (or listed or graphed) in time order. Most commonly, a time series is a sequence taken at successive equally spaced points in time. Thus it is a sequence of discrete-time data. ... Interrupted time series analysis is the analysis of interventions on a single time series.
Explanation:
Time series consist of four components: (1) Seasonal variations that repeat over a specific period such as a day, week, month, season, etc., (2) Trend variations that move up or down in a reasonably predictable pattern, (3) Cyclical variations that correspond with business or economic 'boom-bust'
An observed time series can be decomposed into three components: the trend (long term direction), the seasonal (systematic, calendar related movements) and the irregular (unsystematic, short term fluctuations).