{"id":258793,"date":"2024-05-07T04:54:57","date_gmt":"2024-05-07T04:54:57","guid":{"rendered":"https:\/\/imarticus.org\/blog\/?p=258793"},"modified":"2024-08-02T19:50:43","modified_gmt":"2024-08-02T19:50:43","slug":"time-series-analysis-and-its-uses","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/time-series-analysis-and-its-uses\/","title":{"rendered":"Time Series Analysis and Its Uses"},"content":{"rendered":"

Time series analysis<\/span> is a defined way of interpreting several data collected over a specific period. An organised method of answering the mathematical and statistical queries raised by time correlations is called <\/span>time series analysis<\/span>. Time is a variable, and the <\/span>objectives of time series analysis <\/span>are to record the abundant history data over a large period, helping in future predictions.\u00a0<\/span><\/p>\n

Data which are affected or influenced by time besides other variables are time series data. Organisations understand the trend shift over time and equip themselves accordingly. A career in data science is one of the most lucrative careers in the modern day. A data analyst has the knowledge of <\/span>how to analyze time series<\/span>, gathers and extrapolates these data, and captures meaningful insights.\u00a0<\/span><\/p>\n

Types of <\/b>Time Series Analysis<\/b><\/h2>\n

There are different types of time series data analysis and each type has its characteristics. The three types of <\/span>time series analysis<\/span> are as follows –\u00a0<\/span><\/p>\n

Exploratory analysis\u00a0<\/b><\/h3>\n

Exploratory analysis<\/strong><\/a> is followed by a good quantum of available data and the process explains the trend of the time series itself.<\/span><\/p>\n

Curve fitting\u00a0<\/b><\/p>\n

When we wish to deduce unknown data from other known or available data, we need to fit the available data into a curve. Such a curve, for which one of the variables is time, helps us to locate the unknown number for a specific time.\u00a0<\/span><\/p>\n

Forecasting\u00a0<\/b><\/h3>\n

This is another advance from time series data analysis which extrapolates regression models. The process of prediction gets inputs from artificial intelligence and machine learning.<\/span><\/p>\n

Time Series Analysis<\/b> Models<\/b><\/h3>\n

The following models are the most common <\/span>time series analysis<\/span> models \u2013<\/span><\/p>\n