Time Series Question | ARIMA | Noon.com Interview question
Question
What are the three components of time series data?
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We have mainly 3 components of time series data, namely
Secular Trends: It is basically dependent on political as well as socio-economic factors. This trend can decline or grow in long period and can affect the time series. This is the type of tendency which continues to persist for a very long period. Prices and export and import data, for example, reflect obviously increasing tendencies over time.
Seasonal Trends: It is more like short term change that depends upon changes like festivals or weather conditions. Employment, output, exports, etc., are subject to change due to variations in weather. Similarly, the sale of garments, umbrellas, greeting cards, and fire-works are subject to large variations during festivals like Valentine’s Day, Eid, Christmas, New Year’s, etc.
Cyclic Movements: These oscillations are mostly visible in economic data and they prevail from five to twelve years, even more. These are long-termed changes and can be studied if a long series of measurements is available.
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