Chapter 3. Time Series (A Collection of Observations)
A time series is an ordered sequence of values (data points) made over a time interval. Time series are used in statistics, social networks, and communications engineering. Actually, they can be adopted in any domain that needs temporal measurements. They can be used to predict future stock market changes, real estate trends, environmental conditions, and more.
Examples of time series are:
- Usage of specific words or terms in a newspaper over time
- Minimum wage year-by-year
- Daily changes in stock prices
- Product purchases month-by-month
- Climate changes
Many time series systems face challenges with storage, since a dataset can grow too large very quickly. When storing events every second, at least 86,400 data points are created every day, and storing so many data points over a long period of time is challenging, especially for in-memory data stores, such as Redis.
Another aspect of a time series is that as time goes by, the smallest granularities...
