Answer to Question #259227 in Statistics and Probability for Lala

Question

What is time series? What are the components of time series.

Answer 1

A time series is a set of observations of well-defined data objects gathered over time by repeated measurements. A time series might consist of, for example, tracking the value of retail sales each month of the year. This is due to the fact that sales income is properly defined and regularly monitored at evenly spaced times. Data gathered infrequently or only once do not constitute a time series.

A time series may be divided into three parts: the trend (long-term direction), the seasonal (systematic, calendar-related changes), and the irregular (unsystematic, short-term fluctuations).