Asked by Nicholas Felix on May 10, 2024
Verified
Which of the following terms describes the overall long-term tendency of a time series?
A) Long-term trend component
B) Cyclical variation component
C) Random variation component
D) Seasonal variation component
Long-Term Trend Component
A pattern in time-series data that captures persistent, gradual changes over long periods.
Time Series
A sequence of data points collected or recorded at successive points in time, often analyzed to identify trends or patterns.
Overall Tendency
A measure used to summarize or describe the central point of a data set, often represented by the mean, median, or mode.
- Comprehend the notion of a time series and recognize its four constituents: long-term trend, cyclical variation, seasonal variation, and irregular variation.
Verified Answer
AL
Alyssa LaBrackMay 11, 2024
Final Answer :
A
Explanation :
The overall long-term tendency of a time series is referred to as the long-term trend component. This component shows the general direction of the time series over an extended period, ignoring the shorter fluctuations that may occur within the series.
Learning Objectives
- Comprehend the notion of a time series and recognize its four constituents: long-term trend, cyclical variation, seasonal variation, and irregular variation.