What does the term 'time series' refer to?

The term 'time series' refers specifically to a sequence of data points that are recorded or listed in chronological order. This means that each data point in a time series is associated with a timestamp, reflecting when the observation was made. Time series data is essential for analyzing trends, seasonal patterns, and forecasting future values based on past behaviors.

In contrast to other forms of data, which might only capture a snapshot at a specific time or may not take temporal factors into account, time series data emphasizes the importance of time as a key dimension of analysis. This involvement of time allows for a deeper understanding of changes and developments over a specified duration, making it a powerful tool in many fields such as economics, finance, environmental science, and more.