Time Series
Time Series is a series of data points ordered in time. In mathematics, time series is a sequence taken at successive equally spaced point in time. In simple words, it is sequence of discrete time data. Time series tracks the movement of the chosen data points over specified period of time with data points recorded at regular intervals. Definition: According to Mooris Hamburg “A time series is a set of statistical observations arranged in chronological order”. Uses of Time Series: It is used for prediction or to detect the changes in patterns in collected data. Here are few uses of time series mentioned below: Used to predict future values Evaluation of current achievements Identify the changes in economics and business Pattern recognition Weather forecasting Earthquake prediction Signal Processing Astronomy Statistics and Mathematical Finance Benefits of Time Series Time series analysis helps in identifying patterns: Identifying patterns can reduce error. Creates th...
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