As the application of information technology is growing very rapidly, data in various formats have also proliferated over the time. One category of such data is time series data. A time series is a sequence of numerical values recorded over a period, measured typically at successive points in time, usually spaced at uniform intervals— daily, weekly, quarterly, monthly or yearly. For examples, supermarkets are storing their daily sales figures, meteorology department is recording daily maximum and minimum temperatures, stock markets are preserving the daily opening and closing prices.Similarlymonthly inflation figures, annual populationgrowthetc. are recorded by government departments. Simply speaking a time series is a sequence of historical data collected at regular intervals. However, such data are useless unless they are analyzed and utilized.
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