Today I learned about the Time series analysis. It is a way of analyzing data points collected over a time period. In this method, the data points are collected over a consistent period of time.
Time series analysis can help us understand how variables in data can change over time. It helps us understand the underlying cause of trends and patterns over time. TSA has two types of methods frequency-domain methods and time-domain methods.
TSA can be further divided into parametric and non-parametric methods. 1) Parametric approaches work with the assumption that the foundational stationary stochastic process has a specific structure that can be described through a limited set of parameters. In these methodologies, the objective is to estimate and evaluate the parameters in the model characterizing the stochastic process. 2) On the other hand Non-parametric approaches directly determine the covariance or spectrum of the process without presuming any specific structure for the process.