How does a time series plot differ from a histogram?
a. A histogram displays one measurement variable, but a time series plot displays data with two measurement variables (time is one of them).
b. A histogram displays data collected at one point in time, while a time series plot displays data collected over a series of times.
c. If a histogram is flat, that indicates more variability than if it were bell-shaped. If a time series plot is flat, that indicates less variability than if it were bell-shaped.
d. All of the above.
Q. 2Which of the following does not describe a time series?
a. A time series is a record of a variable across time.
b. A time series is usually measured at equally spaced time intervals.
c. A time series is a data set on numerous individuals measured in units of time (for example, time until completion of the obstacle course; or time until graduation).
d. All of the above describe a time series.
Q. 3Explain why it is not wise to forecast a trend very far into the future.
Q. 4Name two questions you should ask to avoid being misled when reading time series data.
Q. 5Even if you were to account for the trend, seasonal components, and smooth irregular cycles, you would still not be able to perfectly explain or predict a time series plot. Why not?
Q. 6How can a time series plot mislead the reader into thinking that a trend in the data is long term, when in fact it is only short term?
Q. 7Why is it important for a manufacturer to know about any seasonal component to the time series of the sales of their product?
Q. 8Most time series contain the same four components Name two of them.