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Unit 5

Time Series Analysis involves analyzing ordered sequences of data points collected at consistent intervals over time to understand factors affecting variables and predict future values. Its applications include economic forecasting, sales forecasting, and stock market analysis, among others. Key components include trend, seasonality, cyclical patterns, and irregularity, with various models such as classification, curve fitting, and descriptive analysis used to interpret the data.

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5 views2 pages

Unit 5

Time Series Analysis involves analyzing ordered sequences of data points collected at consistent intervals over time to understand factors affecting variables and predict future values. Its applications include economic forecasting, sales forecasting, and stock market analysis, among others. Key components include trend, seasonality, cyclical patterns, and irregularity, with various models such as classification, curve fitting, and descriptive analysis used to interpret the data.

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avinashsiinghai
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Unit 5

Time Series Analysis


Time Series: Definition
An ordered sequence of values of a variable at equally spaced time intervals. Time-series data
is a collection of data points over a set period.
Time Series Analysis
Definition
Time Series Analysis is a method of analyzing a collection of data points over a period of time.
Instead of recording data points intermittently or randomly, it records data points at consistent
intervals over a set period of time.

Objectives of Time Series Analysis

 To understand what factors affect a certain variable(s) at different points in time.


 To provide the consequences and insights of the given dataset’s features that change
over time.
 Supporting to derive the predicting the future values of the time series variable.

Applications of Time Series Analysis

 Economic Forecasting
 Sales Forecasting
 Budgetary Analysis
 Stock Market Analysis
 Process and Quality Control
 Inventory Studies
 Workload Projections
 Utility Studies
 Census Analysis

Components of Time Series Analysis

 Trend: In which there is no fixed interval and any divergence within the given dataset is a
continuous timeline. The trend would be negative or positive or null trend
 Seasonality: In which regular or fixed interval shifts within the dataset in a continuous
timeline. The trend would be bell-curve or saw tooth.
 Cyclical: In which there is no fixed interval, uncertainty in movement and its pattern
 Irregularity: Unexpected situations/events/scenarios and spikes in a short time span.

Types (Models) of Time Series Analysis

 Classification: It identifies and assigns categories to the data.


 Curve Fitting: It plots data on a curve to investigate the relationships between variables in
the data.
 Descriptive Analysis: Patterns in time-series data, such as trends, cycles, and seasonal
variation, are identified.
 Explanative analysis: It attempts to comprehend the data and the relationships between it,
and cause and effect.
 Segmentation: It splits the data into segments to reveal the source data's underlying
properties.

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