A-Z Time Series Analysis for Your Data Mining Assignment

Time series analysis is a concept that confuses every data mining student. Therefore, to help you and others, this article explains it in simple terms.

The assignment's deadline is approaching but you have not even started it yet. Why? The reason being this confusing concept of time series analysis. Confused and worried you go to your favorite Google to get the much-needed data mining assignment help. Then, where your search landed you? Here on this article. Now that you have come here, do not press that back arrow to go back. Why? This is because after reading this document, all your worries will come to an end. All that you need to do is read the next section.

What Is Time Series Analysis?

Well, this is not a difficult concept to comprehend. This is something that touches our everyday life. Wondering how? The answer is simple. You must be aware of the fact that the price of various commodities people use such as petrol, gold, silver, etc never remains constant for a long period. Further, the interest charged by banks from the customers also keeps on fluctuating. How does this happen? The analysts analyze the data during a particular time frame to arrive at the changed prices. Now how is this done? To do it, the analyst studies the relationship between time and the other variables. This variable can be anything capable of being expressed in the form of numbers.

Why Is Time Series Analysis Done?

Now that you know what time series analysis means, we know the question that pops up in your mind is what is the need to do it. Well, it is very much required. Here are some of its key uses to help you understand why it is important.

 

It helps predict whether the commodities’ price will increase or decrease based on the past trend.

It makes business planning easier by comparing the past performance with the present.

It makes it possible for us to compare the price of commodity or business performance during a different period.
 

What Components Form Part of a Time Series Analysis?

After knowing the meaning and importance of the time series analysis, the next thing that troubles the students and induces their need for data mining assignment help is its components. Although they are not tough to perceive, still many data mining newbies face difficulties in understanding them. Therefore, here we explain them one by one.

Component 1

Trend

As said earlier, the price or interest keeps on fluctuating. Why does this happen? Well, this is because they tend to keep changing. And, this phenomenon when continues for a long period of time, becomes a trend. Pondering more will make you realize that this concept applies to every kind of data ranging from petrol prices to styles in the fashion world.

Component 2

Periodic Fluctuation

Let's give an example to help you understand it easily, sometimes gold price again comes back to what it was a few weeks ago. Why did this happen? Well, some trends repeat themselves periodically and are known as period fluctuation. This can be further categorized as:

Seasonal Variation

Cyclic Variation

Component 3

Random Movement

Have you ever noticed how the price of certain commodities like vegetables suddenly shoots up? This is known as a random movement where the fluctuations take place randomly due to unforeseen and uncontrollable circumstances such as floods, drought, earthquakes, etc.

To sum up, we hope that this article has made the time series analysis concept crystal clear to you. But if any ambiguity still exists in your mind, then please go through this document again to get it cleared. Do not worry, have confidence in yourself while composing the assignment and we are sure if you do that, then no one can stop you from passing with flying colors.

Author's Note

About the author: The author is an academic writer associated with Global Assignment Help Australia. In addition to this, she is also an ardent reader and traveler. Further, she has helped many students by providing them Data Mining Assignment Help.