Time series

Question 1

trend

Answer 1

a long term or overall tendency for the data to generally increase or decrease over time.

Question 2

seasonality

Answer 2

a periodic movement in a time series that has a calendar-related period i.e. quarters, months, days of the week.

Question 3

cyclic patterns

Answer 3

long-term and irregular fluctuations over a non-specific time period.

Question 4

structural change

Answer 4

a sudden change in the pattern of a time series plot which changes the ultimate path of the plot.

Question 5

irregular/random fluctuations

Answer 5

unpredictable and short-term data movements.

Question 6

What does smoothing show us?

Answer 6

It can help show us an underlying trend in the data by removing the irregular fluctuations and seasonality.