In time series analysis, how is the term 'stationarity' best described?
- The ability of a time series to move in a straight line
- The predictability of future values in a time series
- The presence of external factors affecting a time series
- The statistical properties of a time series remaining constant over time
Stationarity refers to the statistical properties of a time series remaining constant over time. Achieving stationarity is important for accurate modeling and forecasting in time series analysis.
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