State the four (4) factors which may be present in a Time Series Data. (4 Marks)

The four factors present in a Time Series Data are:

  1. Trend Factors
    These represent the long-term movement in a time series, indicating the overall direction over time (upward or downward).
  2. Seasonal Factors
    These are short-term variations in a time series that repeat at regular intervals, typically within a year (e.g., monthly or quarterly fluctuations).
  3. Cyclical Factors
    These represent long-term oscillations around the trend line due to economic cycles, often lasting more than a year.
  4. Random Factors/Irregular Factors
    These represent random, unpredictable variations in a time series caused by unforeseen events (e.g., natural disasters or sudden market shocks).
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