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Time Series Models

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Is it true that one of the important properties of time series models is that some sort of pattern in the data over time should be detected first and then used within the model? Please clarify.

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Please see response attached, which is also presented below. I hope this helps and take care.

RESPONSE:

1. Is it true that one of the important properties of time series models is that some sort of pattern in the data over time should be detected first and then used within the model? Please clarify.

Sometimes that is the case, but not all of the time. For example, if a pattern is observed in the number of car accidents on a certain highway or intersection (i.e., more accidents seem to occur during rush hour), then a researcher may decide to observe that highway or intersection using a time series model. In other words, ...

Solution Summary

In relation to time series models, this solution explains if it is true that one of the important properties of time series models is that some sort of pattern in the data over time should be detected first and then used within the model. The explanation includes an excellent definition including the properties of time series models, and several illustrative examples to explore the truth of the above proposition.

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