Time series analysis is a statistical technique used to analyze data points collected or recorded at specific time intervals. It helps identify patterns, trends, and seasonal variations in data over time. For example, businesses often use time series analysis to forecast sales, allowing them to make informed decisions based on historical performance. In this analysis, data is typically plotted on a graph with time on the x-axis and the variable of interest on the y-axis. By examining these plots, analysts can detect cycles and anomalies, which can be crucial for fields like economics, weather forecasting, and stock market analysis.