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Identifying Trends in Time Series

EasyStatistics & Probability00:00
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Your question is Identifying Trends in Time Series. Take a moment with it on the right.

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Problem

Scenario

You are reviewing a monthly data set and need to explain whether the pattern is a real trend, short-term noise, or seasonality. You have been asked to summarize the direction and strength of the pattern in a way a non-technical audience can follow.

Question

How do you identify and explain trends in data sets?