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Trend analysis is the widespread practice of collecting information and attempting to spot a pattern. In some fields of study, the term has more formally defined meanings. [1] [2] [3]
In time series analysis, a fan chart is a chart that joins a simple line chart for observed past data, by showing ranges for possible values of future data together with a line showing a central estimate or most likely value for the future outcomes. As predictions become increasingly uncertain the further into the future one goes, these ...
They can also provide insight into a data set to help with testing assumptions, model selection and regression model validation, estimator selection, relationship identification, factor effect determination, and outlier detection. In addition, the choice of appropriate statistical graphics can provide a convincing means of communicating the ...
For example, a variable could have a quadratic trend: Y t = a ⋅ t + c ⋅ t 2 + b + e t . {\displaystyle Y_{t}=a\cdot t+c\cdot t^{2}+b+e_{t}.} This can be regressed linearly in the coefficients using t and t 2 as regressors; again, if the residuals are shown to be stationary then they are the detrended values of Y t {\displaystyle Y_{t}} .
A fan chart is made of a group of dispersion fan diagrams, which may be positioned according to two categorising dimensions. A dispersion fan diagram is a circular diagram which reports the same information about a dispersion as a box plot : namely median , quartiles , and two extreme values.
Data points may be labelled if there are few of them. Dot plots are one of the simplest plots available, and are suitable for small to moderate sized data sets. They are useful for highlighting clusters and gaps, as well as outliers. Forest plot : is a graphical display that shows the strength of the evidence in quantitative scientific studies.
Open-high-low-close chart – OHLC charts, also known as bar charts, plot the span between the high and low prices of a trading period as a vertical line segment at the trading time, and the open and close prices with horizontal tick marks on the range line, usually a tick to the left for the open price and a tick to the right for the closing ...
Data visualization uses information displays (graphics such as, tables and charts) to help communicate key messages contained in the data. [46] Tables are a valuable tool by enabling the ability of a user to query and focus on specific numbers; while charts (e.g., bar charts or line charts), may help explain the quantitative messages contained ...