What is Time Series Analysis?
Time Series Analysis
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Time Series Analysis is a statistical method used in data science to analyze and interpret data points collected or recorded over a period of time. In this type of analysis, the data is ordered chronologically, and the objective is to understand the underlying patterns, trends, and behaviors.
Key components of time series analysis include:
- Trend Analysis
- Seasonal Analysis
- Cyclical Analysis
- Irregular/Random Components
Let's consider a simple example, suppose you have some monthly sales data over two years. Now, you might perform various time series analysis techniques like Descriptive Statistics, Trend Analysis, Seasonal Analysis, Modeling, and Forecasting.
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