A time series is a sequence of data points collected or recorded at successive points in time, typically at uniform intervals. This type of data is essential for analyzing trends, seasonal patterns, and cyclic behaviors over time. Time series analysis involves various statistical techniques to model and forecast future values based on historical data. Common applications include economic forecasting, stock market analysis, and resource consumption tracking.
Key characteristics of time series data include:
Mathematically, a time series can be represented as , where is the observed value at time , is the trend component, is the seasonal component, is the cyclic component, and is the error term.
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