Segmentation of Customer Transactions
16.1 Measuring Transactions as a Time Series
“If time be of all things the most precious, wasting time must be the greatest prodigality.” Benjamin Franklin coined that phrase. So, how can we best define a time series? Essentially, a time series is a collection of observations ordered sequentially in time. Figure 16.1 shows a representation of a time series.
There are many examples of time series data in a variety of industries. People measure things that ...