1. Explain the following four components of a time series (i) Trend (3 marks) (ii) Seasonal variation (3 marks) (iii) Cyclical variation (3 marks)
Added by Robert L.
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It is the long-term progression of the series and often represents a consistent increase or decrease in the data. For example, if a company's sales have been consistently increasing over the past five years, this would be considered an upward trend. The trend Show more…
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Match each of the following descriptions with the related time series component: Up and down patterns around the trend line that recur over several years Upward (or downward) movement of time series data over reasonable period of time Unpredictable or unexpected fluctuations in time series data patterns Repeated pattern at regular intervals around the trend line that recur within one year Trend component Cyclical component Random (Irregular) component Seasonal component
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Match each of the following descriptions with the related time series component: Repeated pattern at regular intervals around the trend line that recur within one year Unpredictable or unexpected fluctuations in time series data patterns Upward (or downward) movement of time series data over a reasonable period of time Up and down patterns around the trend line that recur over several years
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What is the best way to describe the pattern of the following time series? Time Series Plot of Sales (1000s) Cyclical pattern Trend and seasonal pattern Vertical pattern Horizontal pattern
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