Chapter 1. Time Series: An Overview and a Quick History
Time series data and its analysis are increasingly important due to the massive production of such data through, for example, the internet of things, the digitalization of healthcare, and the rise of smart cities. In the coming years we can expect the quantity, quality, and importance of time series data to grow rapidly.
As continuous monitoring and data collection become more common, the need for competent time series analysis with both statistical and machine learning techniques will increase. Indeed, the most promising new models combine both of these methodologies. For this reason, we will discuss each at length. We will study and use a broad range of time series techniques useful for analyzing and predicting human behavior, scientific phenomena, and private sector data, as all these areas offer rich arrays of time series data.
Let’s start with a definition. Time series analysis is the endeavor of extracting meaningful summary and statistical information from points arranged in chronological order. It is done to diagnose past behavior as well as to predict future behavior. In this book we will use a variety of approaches, ranging from hundred-year-old statistical models to newly developed neural network architectures.
None of the techniques has developed in a vacuum or out of purely theoretical interest. Innovations in time series analysis result from new ways of collecting, recording, and visualizing data. Next we briefly ...