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What are the components of time series?
secular trend, seasonal variation, cyclical variation, and irregular variation
What is variations?
Cyclical variation : cyclical variations are recurrent variations in a time series usually last longer than a year. Most of the time series in business and Economics show such cyclical variation. A business cycle has four wheel defined periods : prosperity, decline, depression and improvement.
What are the components of a time series What external factors might affect each of the different components?
secular trend , seasonal variation , cyclic variation & irregular variation population,technology;climate &weather condition,customs,traditions&habits;
What are three components of a data series?
Three components of a data series are the trend, seasonal variation, and irregular variation. The trend represents the long-term movement or direction in the data over time. Seasonal variation refers to regular fluctuations that occur at specific intervals, such as monthly or quarterly. Irregular variation, on the other hand, encompasses unpredictable and random fluctuations that do not follow a consistent pattern.
What is cyclical variations?
cyclical variation: Piece to piece variation. Often used to describe a repeating pattern, such as a seasonal variation in sales that peaks before Christmas.
What is irregular variation in time series?
Irregular variation in a time series refers to unpredictable fluctuations that cannot be attributed to trend, seasonal, or cyclical components. These variations are often caused by random, unforeseen events such as natural disasters, economic shocks, or other anomalies. Irregular variations are typically short-term and do not follow a consistent pattern, making them difficult to forecast. They are essential to consider when analyzing time series data, as they can significantly impact overall trends and predictions.
What are the four components of time series?
COMPONENTS OF TIME SERIES The four components of time series are: 1.Secular trend 2.Seasonal variation 3.Cyclical variation 4.Irregular variation Secular trend:A time series data may show upward trend or downward trend for a period of years and this may be due to factors like increase in population,change in technological progress ,large scale shift in consumers demands,etc.For example,population increases over a period of time,price increases over a period of years,production of goods on the capital market of the country increases over a period of years.These are the examples of upward trend.The sales of a commodity may decrease over a period of time because of better products coming to the market.This is an example of declining trend or downward trend.The increase or decrease in the movements of a time series is called Secular trend. Seasonal variation: Seasonal variation are short-term fluctuation in a time series which occur periodically in a year.This continues to repeat year after year.The major factors that are responsible for the repetitive pattern of seasonal variations are weather conditions and customs of people.More woollen clothes are sold in winter than in the season of summer .Regardless of the trend we can observe that in each year more ice creams are sold in summer and very little in Winter season.The sales in the departmental stores are more during festive seasons that in the normal days. Cyclical variations:Cyclical variations are recurrent upward or downward movements in a time series but the period of cycle is greater than a year.Also these variations are not regular as seasonal variation.There are different types of cycles of varying in length and size.The ups and downs in business activities are the effects of cyclical variation.A business cycle showing these oscillatory movements has to pass through four phasesprosperity,recession,depression and recovery.In a business,these four phases are completed by passing one to another in this order.Irregular variation: Irregular variations are fluctuations in time series that are short in duration,erratic in nature and follow no regularity in the occurrence pattern.These variations are also referred to as residual variations since by definition they represent what is left out in a time series after trend ,cyclical and seasonal variations.Irregular fluctuations results due to the occurrence of unforeseen events like floods,earthquakes,wars,famines,etc.
What is the definition of trending of lab values?
recording a series of lab values over a period of time to see if they change
What is meant by schedule variation?
A schedule variation is the difference between the time an activity is scheduled to be completed and the actual time it is completed. Any deviation in the scheduled time causes a variation.
Why should variation in check in time be minimized?
In the checking in of guests, why should variation in check in time be minimized?
What is the best definition for the concept of evolution?
Evolution is the process by which different species of organisms develop and change over time through genetic variation and natural selection, leading to the emergence of new species.
What word matches the definition of occurring in a repeated series?
The word that matches the definition of occurring in a repeated series is "cyclical." It refers to events or phenomena that recur in a predictable pattern or sequence over time. This term is often used in various contexts, including nature, economics, and literature.
