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What is Time Series?

Pavan Balaji N
28 Jul 0 0

What is a Time Series?

  • Time Series data is a series of data points indexed or listed or graphed with an equally spaced period.
  • Time series forecasting is the use of the model to predict future values based on previously observed value.
  • Input Past --> Predict future.

Component of Time Series:

  • Trend: Increase or decrease over a long period. India GDP
  • Seasonal Pattern: Short-term variation occurring due to seasonal factors. Winter sales
  • Cyclical Patterns: It is a medium-term variation caused by circumstances, which repeat in irregular intervals. Recession
  • Irregularity Patterns: Which Occurs due to unpredictable factors. Anomaly

Where can we not use Time Series?

  • If the variable is not dependent on time.
  • If Values are constant.
  • Values represented using known function as sin(x), cos(x) etc.
  • Time Series algorithm cannot be used if data is not stationary.

Time series models:

  • ARIMA
  • SARIMA
  • FARIMA
  • LSTM
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