What are the components of the Time -Series?

Time series analysis:

• It provides a body of techniques to understand a dataset better.

• The most useful one is the decomposition of the time series into four constituent parts:

1. Level- The baseline value for the series if it were a straight line.

2. Trend - The optional and linear, increasing or decreasing behavior of series over time.

3. Seasonality - Optional repeated patterns /cycles of behavior over time.

4. Noise - The optional variability in the observations that cannot be explained by the model.