Variations in a time series (AQA GCSE Statistics): Flashcards
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Practise the cards
10 cards from this deck
What are the two main types of variations in time series?
What are the two main types of variations in time series?
General trend and seasonal variations.
How do you identify positive variations in data?
How do you identify positive variations in data?
Actual values are higher than the trend line suggests.
What does a general trend indicate in time series data?
What does a general trend indicate in time series data?
The overall direction of the data over time.
How to calculate seasonal variation size?
How to calculate seasonal variation size?
Variation = Actual value - Trend value.
What is an example of seasonal variation?
What is an example of seasonal variation?
Ice cream sales higher in summer, lower in winter.
What do negative variations indicate?
What do negative variations indicate?
Actual values are lower than the trend line suggests.
Why are seasonal variations important for businesses?
Why are seasonal variations important for businesses?
They help in planning for predictable demand changes.
What should you always explain about seasonal variations?
What should you always explain about seasonal variations?
Link them to real-world factors affecting the data.
What is the first step in analyzing time series data?
What is the first step in analyzing time series data?
Plot your time series data on a graph.
What do you look for when identifying seasonal patterns?
What do you look for when identifying seasonal patterns?
Values consistently above or below the trend line.