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Time-Series Graph quiz #1 Flashcards

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Time-Series Graph quiz #1
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  • What is another name for a time series plot in business statistics?
    A time series plot is also known as a time series graph.
  • What do the x and y axes represent in a time series graph?
    The x-axis represents time, and the y-axis represents the measured value at each time point. This allows us to see how the variable changes over time.
  • Why are points on a time series graph connected with segments?
    Connecting points with segments helps to clearly show trends in the data. It makes it easier to identify periods of increase or decrease.
  • What is the first step in plotting a time series graph with monthly data?
    The first step is to label the x-axis with the time intervals, such as months, and choose a scale that covers the entire time span. This ensures all data points can be plotted accurately.
  • How can you identify a period of increase on a time series graph?
    A period of increase is shown when the graph moves upward as you go from left to right. This indicates that the measured value is rising over time.
  • What does a downward trend on a time series graph indicate?
    A downward trend means the measured value is decreasing over time. This is seen when the line moves down as you move along the x-axis.
  • How do you plot a single data point, such as (3, 4), on a time series graph?
    To plot (3, 4), move across to 3 on the x-axis and up to 4 on the y-axis, then mark the point where they meet. This represents the value at the third time interval.
  • What should you check after plotting all points on a time series graph?
    You should verify that each point matches the data table and is placed correctly on the graph. This ensures the graph accurately represents the data.
  • Why is it important to choose an appropriate scale for the x-axis in a time series graph?
    An appropriate scale ensures that the entire time period is visible and all data points fit on the graph. This helps in accurately analyzing trends.
  • What kind of data is best displayed using a time series graph?
    Data that is measured over intervals of time, such as monthly sales or daily temperatures, is best displayed with a time series graph. This format highlights changes and trends over time.