Definition of Time series:
A series of values of a quantity obtained at successive times, often with equal intervals between them.
Values taken by a variable over time (such as daily sales revenue, weekly orders, monthly overheads, yearly income) and tabulated or plotted as chronologically ordered numbers or data points. To yield valid statistical inferences, these values must be repeatedly measured, often over a four to five year period. Time series consist of four components: (1) Seasonal variations that repeat over a specific period such as a day, week, month, season, etc., (2) Trend variations that move up or down in a reasonably predictable pattern, (3) Cyclical variations that correspond with business or economic boom-bust cycles or follow their own peculiar cycles, and (4) Random variations that do not fall under any of the above three classifications.
How to use Time series in a sentence?
- Time-series analysis.
- When you are working with a time series it is important to follow it correctly and get things done when they need to be.
- You may want to try and adapt to the time series so that you know that everything will get done when it needs to.
- We had to take the values and we had to do it over a certain period, so we set up a time series to help us out.
Meaning of Time series & Time series Definition