Which of the following states the objective of time series analysis?

Question

a. To analyze the cause-and-effect relationship of a dependent variable with a time series and one or more other variables.

b. To use present variable values to study what should have been the ideal past values.

c. To uncover a pattern in a time series and then extrapolate the pattern into the future.

d. To predict the values of a time series based on one or more other variables

Answer 1

The correct answer is option C (to uncover a pattern in a pattern in a time series and then extrapolate the pattern into the future). The basic definition itself says that time series analysis is to understand the patterns in time-based data and forecast the patterns for the future.

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You can watch this video to understand the time series analysis in a detailed way.