TRENDS

• Trends are movements or behaviors geared towards a certain direction and imply change
• Patterns are series of data that repeat in a recognizable way period
• Patterns can occur within a downward or upward trend, or mark the beginning of a new trend
• Emerging Patterns are sets of items whose frequency changes significantly from one dataset to another
• Emerging Patterns are useful for discovering distinctions present amongst a collection dataset and for constructing accurate classifiers
• Time is a moment, hour, day, or year indicated by a clock or calendar, crucial for success in business
• Time Series Forecasting is used to predict future values based on previously observed values
• According to John Locke, all philosophies result from involvement and every composite idea can be traced back to a simple idea
• Stages of an Emerging Pattern:

  • Representation: Real-world objects must be represented formally for examination and association, influencing the success of subsequent stages
  • Generalization or Inference: Learning a concept from a training set to make predictions on unknown properties of new examples
  • Evaluation: Estimating the performance of the pattern recognition process on known training and validation data, considering previous steps if results are unsatisfactory
• Types of Data Emerging Patterns:

  1. Linear Trend:

  • Upward Trend: Increase in quantity or price
  • Downward Trend: Decrease in quantity or price

  2. Exponential Trend: Non-linear curved lines where data rises or falls at a higher rate

  3. Damped Trend: Curved line showing data values rise or fall initially, then suddenly stop

  4. Seasonal Trend: Fluctuations repeating over fixed periods, predictable and not extending beyond a year

  5. Cyclical Trend: Series of events happening repeatedly in the same order
• 6. Random or Irregular or Error: Short fluctuations in time series, erratic and following no regular occurrence pattern
• Cause: Reason for doing or feeling something that brings about an effect or result

  Consequences: What happens as a result of the cause