🕒 1. What is Time Series Data? Definition: Time series data is a sequence of observations recorded at specific time intervals (daily, weekly, monthly, etc.). Each data point has two key components: Time (t): a timestamp (e.g., date, hour, quarter) Value (y): a measurement (e.g., sales, ad spend, temperature) In Media Mix Modeling: time series data might include weekly sales, ad impressions, or marketing spend across channels. Example: Week TV Spend Online Spend Sales 1 1000 500 15000 2 1200 600 16200 3 900 550 14800 4 1100 700 17000 Here, Sales is the time series variable we want to analyze or forecast. 📊 2. What is Time Series Analysis? Definition: Time series analysis is the study of data points collected over time to identify patterns , trends , seasonality , and dependencies —and to model or forecast future behavior. In MMM, this helps us understand how marketing efforts (TV, digital, print) influence sales over time and fore...
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