A Gentle Introduction to Time Series Analysis

With video explanation | Data Series | Episode 17.1

Objectives:

1. Understand what time series data is and its applications
2. Understand the difference between stationary and non-stationary time series
3. Be familiar with the different components of time series
4. Have an overview of the different techniques used in time series analysis

Before we delve into Time Series Analysis, let us familiarise ourselves with what time series data actually is:

Time Series Overview

Time Series Definition: An ordered sequence of values of a variable obtained at successive times.

Example: The temperature recorded every two hours during a day would produce a time series.

Image by Author — Microsoft PowerPoint

What we can do with Time Series Data:

• Understand the governing forces and structure that produced the observed data
• Model observed data and make forecasts