The time series component which reflects gradual shifts or movements to relatively higher or lower values over a longer period of time is a trend pattern. (Option D)

A time series refers to a collection of observations of well-defined data items obtained through repeated measurements over time. Generally, a time series is a sequence taken at successive equally spaced points in time and thus it is a sequence of discrete-time data. An observed time series comprises of three components: the trend (long term direction), the seasonal (systematic, calendar related movements) and the irregular (unsystematic, short term fluctuations). A trend pattern occurs when there is a long-term increase or decrease in the series. It is the gradual shifts or movements to higher or lower values over a period.

Note: The question is incomplete as it is missing options which are A) seasonal pattern. B) cyclical pattern. C) trend and seasonal pattern. D) trend pattern.

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