In statistics and forecasting, data are often classified as time series data, cross-sectional data, or panel data. These types differ according to who is observed and when the observations are recorded.
In statistics and forecasting, data are often classified as time series data, cross-sectional data, or panel data. These types differ according to who is observed and when the observations are recorded.
Time series data consists of observations of a variable collected sequentially over time.
Daily temperature recorded from 1 January to 31 January.
Cross-sectional data contains observations for different entities at the same point or period of time.
Income of 100 households during the year 2026.
Panel data combines cross-sectional and time-series information by observing multiple entities repeatedly over time.
Annual sales of 20 companies from 2020 to 2026.
| Data Type | Main Idea | Example |
|---|---|---|
| Time Series | One variable across time | Monthly sales |
| Cross-Sectional | Many entities at one time | Income of households |
| Panel | Many entities across time | Sales of many companies for several years |