A time series can consist of four different components: long-term trend,cyclical variation,seasonal variation,and random variation.

Question

Quizplus · Accepted Answer

A time series can consist of these four components: long-term trend (overall upward or downward movement), cyclical variation (regular patterns of highs and lows that last for more than one year), seasonal variation (regular patterns that repeat within a year, such as higher sales in the summer months), and random variation (unpredictable fluctuations that do not follow a pattern or trend).

A Time Series Can Consist of Four Different Components: Long-Term