Deck 15: Time Series Model

Question 1

What name is given to statistical data described over a period of time?

A) Date series
B) Time Series
C) Chronological Series
D) Predictive Series

Answer 1

Time Series

Question 2

Which of the following options is the BEST definition of the seasonal component of a time series model?

A) Short-term cyclic fluctuations in the data
B) Fluctuations in the data caused by the four seasons
C) Long-term fluctuations in the data caused by environmental factors
D) An underlying long-term tendency in the data

Answer 2

Short-term cyclic fluctuations in the data

Question 3

Which of the following options is NOT a component of a time series model?

A) Trend component
B) Cummulative component
C) Seasonal component
D) Residual component

Answer 3

Cummulative component

Question 4

Which of the following options does not represent a purpose of time series analysis?

A) Explaining causes of variation between data points
B) The identification of trends
C) Making forecasts of future patterns
D) Eliminating irrelevant factors

Question 5

Two models for the calculation of time series data are considered in this book. What are they called?

A) Additive model and Summative model
B) Additive model and Geometric model
C) Additive model and Regressive model
D) Additive model and Multiplicative model

Question 6

Which of the following options IS important when defining a time series?

A) There must be a very large number of data points
B) Data should not vary significantly from the mean
C) Data must cover more than a year
D) The time points used to record data must be uniform

Question 7

Which of the following statements relating to the residual component of a time series model is NOT true?

A) The residual component may include factors not relating to the seasonal and trend components
B) The residual component may include 'random' unpredictable factors
C) The residual component may include daily or weekly fluctuations
D) The residual component may include long-term cyclic fluctuations

Question 8

Which option reflects the usual way of representing time series data graphically?

A) Historigram
B) Pie Chart
C) Bar Chart
D) Lorenz Curve

Question 9

Which of the following sets of data might be expected to have a 12 month cycle?

A) Sales of washing powder
B) Data showing changes in the GDP of Jordan
C) Volume of gas used for domestic heating
D) Sales of ski-equipment

Question 10

The manager of a pharmaceutical sales team in Mumbai wishes to calculate the total expenses (y) of his team. Expenses may be in three categories: travel (t); food (f) and accommodation (a). Which of the following models is suitable for calculating the value of y?

A) y = t x f x a
B) y = t + f + a
C) y = t + f x a
D) y = t x f + a