A time series is technically defined as the ordered sequence of values of a variable captured over a uniformly spaced time interval. Put simply, it is the method of capturing the value of a variable at specific time intervals. It can be 1 hour, 1 day, or 20 minutes. The captured values of a variable are also known as data points. Time series analysis is performed in order to understand the structure of the underlying sources that produced the data. It is also used in forecasting, feedforward control, monitoring, and feedback. The following is a list of some of the known applications of time series analysis:
- Utility studies
- Stock market analysis
- Weather forecasting
- Sales projections
- Workload scheduling
- Expenses forecasting
- Budget analysis
Time series analysis is achieved by applying various analytical methods to extract meaningful information from raw...
