TIME SERIES Meaning and
Definition
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A time series refers to a sequence of data points collected and recorded in chronological order over a specific period. It is a statistical concept commonly used in various fields, particularly in the realms of economics, finance, weather forecasting, and social sciences.
A time series dataset consists of observations or measurements acquired at regular intervals, such as hourly, daily, monthly, or yearly. Each data point corresponds to a distinct moment, reflecting the changes that occur over time. The data can be represented graphically using a time plot or a line graph, where the x-axis represents time and the y-axis represents the variable being measured.
Time series analysis involves studying the patterns, trends, and relationships within the data to obtain valuable insights and make future predictions. This analysis can include techniques like smoothing, decomposition, forecasting, and statistical modeling to uncover hidden patterns, understand underlying causes, and predict future behavior.
Time series data can exhibit various characteristics, such as trend (gradual, long-term increase or decrease), seasonality (repeating patterns at regular intervals), cyclicality (recurring yet irregular patterns), and randomness (unpredictable, erratic fluctuations). Understanding these characteristics is crucial for accurate analysis and forecasting.
Time series analysis is widely used to forecast future values, model business processes, detect anomalies, assess the impact of interventions or policies, and make data-driven decisions. It has proven to be a valuable tool for understanding and interpreting time-dependent phenomena across a broad range of disciplines.
Common Misspellings for TIME SERIES
- rime series
- fime series
- gime series
- yime series
- 6ime series
- 5ime series
- tume series
- tjme series
- tkme series
- tome series
- t9me series
- t8me series
- tine series
- tike series
- tije series
- timw series
- tims series
- timd series
- time se5ies
Etymology of TIME SERIES
The word "time series" has its roots in the combination of two words: "time" and "series".
The term "time" comes from the Old English word "tīma", which originally referred to a limited stretch or period. It can be traced back to the Proto-Germanic word "*timon", meaning "time" or "hour". This word has cognates in several other Germanic languages, such as the Old Norse "tīmi" and the Gothic "timō".
On the other hand, "series" comes from the Latin word "series", which means a row, line, or sequence. The Latin word itself was derived from the Indo-European root "*ser" or "*sei", meaning "to sow" or "to line up". It has connections to other words like "serere" in Latin and "siran" in Old English.
Similar spelling words for TIME SERIES
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