Time Series Patterns and Trends

The video tutorial explains how to identify and distinguish between different patterns in time series data, such as trends, seasonal patterns, and cyclic patterns. It provides examples from various domains, including electricity production, retail employment, and financial data, to illustrate these concepts. The tutorial emphasizes the importance of recognizing these patterns for accurate data analysis and forecasting.

What is a trend in time series data?

• A long-term increase or decrease in data

• A random variation in data

• A short-term fluctuation in data

• A pattern that repeats every month

Which of the following is an example of a seasonal pattern?

• Random data spikes

• Business cycles

• Electricity consumption during weekends

• Stock market fluctuations

How do cyclic patterns differ from seasonal patterns?

• Cyclic patterns have a fixed length

• Cyclic patterns have variable lengths

• Seasonal patterns occur over several years

• Seasonal patterns are more variable

What is a key feature of the Australian electricity production time series?

• It only shows cyclic patterns

• It is purely random

• It has a regular seasonal pattern

• It shows no trend

What trend is observed in the US retail employment data?

• An increasing trend

• No observable trend

• A constant trend

• A decreasing trend

What is unique about the Amazon stock price data?

• It shows a clear seasonal pattern

• It is completely random

• It exhibits wandering behavior

• It has a fixed cyclic pattern

Why is the Canadian lynx trapping data considered cyclic?

• It exhibits a smooth cyclic pattern

• It has a predictable pattern

• It is random and unpredictable

• It shows a fixed seasonal pattern

What is a characteristic of seasonal patterns?

• They have variable lengths

• Their peaks and troughs are unpredictable

• They repeat at regular intervals

• They occur over several years

Which of the following is true about cycles?

• They have constant lengths

• They occur daily

• Their timing is predictable

• They are longer than seasonal patterns

What is a key difference between seasonal and cyclic patterns?

• Seasonal patterns have constant lengths

• Cyclic patterns are shorter

• Cyclic patterns repeat every year

• Seasonal patterns are unpredictable