Final answer:
The correct statement about time series analysis is that it is used to analyze data collected at different points in time, identifying trends and patterns.
Step-by-step explanation:
The correct statement about time series analysis is b) It is used to analyze data collected at different points in time. Time series analysis is a statistical technique that deals with time-ordered data. It does not only handle cross-sectional data, which is collected at a single point in time, as suggested by option a. Instead, it focuses on time-ordered data to identify trends, seasonal patterns, and cyclical behaviors. Moreover, it does not ignore trends and patterns in data; rather, the entire purpose of time series analysis is to uncover these features.
Time series analysis is also applicable to a variety of fields beyond finance, including but not limited to economics, environmental science, and even sociology, where it can help analyze social trends over time. Data in time series analysis is often displayed using time series graphs, which visually represent the data and make it easier to identify any trends or patterns that exist.