A space center is monitoring the weather pattern to schedule a departure time for its latest Martian explorer. An economist is readying his gross domestic product (GDP) forecasts to be used by equity traders, who are eager to know if we had a quarter of growth or another economic contraction. In both cases, they are relying on time series data. In the former instance to forecast a weather event, and in the latter to determine which direction GDP forecasts are headed. So, what do we mean by time series?
A series can be defined as a number of events, objects, or people of a similar or related kind coming one after another; if we add the dimension of time, we get a time series. A time series can ...
