Chat with Data

  Time Series Fundamentals: Introduction Imagine you're looking at how your favorite coffee shop's sales change over time. This is a time series! Let's break down the key concepts in simple terms. Core Components: The Building Blocks 1. Trend 📈 The general direction your data moves over time. Like: A child's height growing over years (upward trend) Ice cream sales over a decade (might show an upward trend) Number of landline phones over recent years (downward trend) Real-world example : Monthly sales at a growing business Jan: $1000 Feb: $1100 Mar: $1250 Apr: $1400 2. Seasonality 🌞❄️ Regular patterns that repeat over fixed periods. Like: Ice cream sales peak in summer, drop in winter Coffee shop sales higher on weekdays, lower on weekends Retail sales spike during holidays Real-world example : Monthly ice cream sales Summer: 1000 units Fall: 500 units Winter: 200 units Spring: 600 units (Pattern repeats next year) 3. Cyclical Patterns 🔄 Up an...

Time series analysis has become an essential tool in many industries for understanding patterns and trends in data over time. This blog will delve into the world of time series analysis, exploring its definition, techniques, and applications. So let's take a closer look at time series analysis. Contents :   Forecasting  Time Series Meaning  Assumption  Forecasting :  ''Forecasting is the process of making predictions about future events based on past and current data. '' In time series analysis, forecasting refers to the prediction of future values of a time-based variable based on its past behavior. This process involves building a model to capture the patterns and relationships in the data and using that model to make predictions about future values. Forecasting can be used in various fields such as finance, economics, weather, and sales, to make informed decisions and plan for future outcomes. Time Series Meaning : A time series is a sequence of data points i...