Time Series Models And Visualizing Information

Mininum of 175 words

Review the scatter plot of the store’s sales from 2010 through 2021.

  • Time series decomposition seeks to separate the time series (Y) into 4 components: trend (T), cycle (C), seasonal (S), and irregular (I). What is the difference between these components?
  • The model can be additive or multiplicative. When do you use each?
  • Review the scatter plot of the exponential trend of the time series data. Do you observe a trend? If so, what type of trend do you observe?
  • What predictions might you make about the store’s annual sales over the next few years?