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Type of Data

In: Business and Management

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TYPE OF DATA
Times Series Data

A time series is a sequence of data points, typically consisting of successive measurements made over a time interval. Examples of time series are ocean tides, counts of sunspots, and the daily closing value of the Dow Jones Industrial Average. Time series are very frequently plotted via line charts. Time series are used in statistics, signal processing, pattern recognition, econometrics, mathematical finance, weather forecasting, earthquake prediction, electroencephalography, control engineering, astronomy, communications engineering, and largely in any domain of applied science and engineering which involves temporal measurements

Cross-Section Data

Cross-sectional data, or a cross section of a study population, in statistics and econometrics is a type data collected by observing many subjects (such as individuals, firms, countries, or regions) at the same point of time, or without regard to differences in time. Analysis of cross-sectional data usually consists of comparing the differences among the subjects.
For example, if we want to measure current obesity levels in a population, we could draw a sample of 1,000 people randomly from that population (also known as a cross section of that population), measure their weight and height, and calculate what percentage of that sample is categorized as obese. This cross-sectional sample provides us with a snapshot of that population, at that one point in time. Note that we do not know based on one cross-sectional sample if obesity is increasing or decreasing; we can only describe the current proportion.
Cross-sectional data can be used in cross-sectional regression, which is regression analysis of cross-sectional data. For example, the consumption expenditures of various individuals in a fixed month could be regressed on their incomes, accumulated wealth levels, and their various...

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