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Introduction To Time Series

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31 views7 pages

Introduction To Time Series

Uploaded by

saroorqureshi1
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Introduction to

Time Series
Time series analysis is the study of data collected over time. It
allows us to identify patterns, trends, and relationships within a
dataset, which can provide valuable insights for businesses,
researchers, and policymakers.
What is Time Series?
Ordered Data 1
Time series data is a sequence of
observations recorded at specific
time intervals, such as daily, 2 Temporal Dependence
weekly, or yearly. The values in a time series are
often correlated with past values,
meaning that future values
Forecasting 3 depend on the history of the data.
Time series analysis is commonly
used to predict future values
based on past patterns, trends,
and relationships within the data.
Importance of Time Series Analysis
Business Decisions Economic Forecasting Scientific Research

Time series analysis helps Time series models are Time series analysis is
organizations make widely used to forecast essential in various
informed decisions by macroeconomic scientific fields, such as
identifying trends, indicators, such as GDP, climatology,
seasonality, and inflation, and epidemiology, and
anomalies in data, which unemployment rates, ecology, to study the
can inform strategies for which are crucial for evolution of natural and
sales, marketing, and policymaking and social phenomena over
operations. financial planning. time.
Types of Time Series Data

1 Univariate 2 Multivariate
A single variable observed over time, Multiple variables observed over
such as daily stock prices or monthly time, allowing for the analysis of
temperatures. relationships between them.

3 Discrete 4 Continuous
Data collected at fixed, regular Data collected continuously over
intervals, such as daily or monthly. time, such as sensor readings or
stock prices.
Characteristics of Time Series
Trend Seasonality
The long-term direction of the data, Periodic fluctuations in the data that
which can be increasing, decreasing, or occur at regular intervals, such as
stable. yearly, quarterly, or monthly.

Cycles Stationarity
Longer-term fluctuations in the data The property of a time series where the
that do not occur at regular intervals. statistical properties, such as mean and
variance, do not change over time.
Applications of Time Series

Sales ForecastingFinancial Weather Healthcare


Modeling Prediction Monitoring
Predict future sales
trends to optimize Analyze historical Forecast weather Monitor patient
inventory, pricing, financial data to patterns and trends data over time to
and marketing make informed to aid in identify trends and
strategies. investment emergency patterns that can
decisions and planning and inform treatment
manage risk. resource allocation. decisions.
Conclusion and Key Takeaways
Understanding Patterns
Time series analysis helps organizations and researchers
understand the patterns, trends, and relationships in their data over
time.

Informed Decision-Making
By leveraging insights from time series analysis, stakeholders can
make more informed decisions and develop effective strategies.

Forecasting and Prediction


Time series models can be used to make accurate predictions about
future events, trends, and outcomes.

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