By tracking the specific temperature outside at hourly intervals, and by doing so for 24 hours, you have a complete picture of the rise and fall of the temperature in your area. Once you have that information, you can plot it on a graph and learn more about exactly what it is that you’re tracking.Ī very straightforward time series analysis example might be the rise and fall of the temperature over the course of a day. As the name suggests, time series data is a collection of observations that themselves have been created through repeating measurements over time. Time series analysis involves inferring what has happened to a series of data points in the past and attempting to predict future values.Īnalyzing time series data allows extracting meaningful statistics and other characteristics of the data.
Time series analysis is the collection of data at specific intervals over a time period, with the purpose of identifying trend, seasonality, and residuals to aid in the forecasting of a future event.
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