Answer: True- Time series analysis
Explanation:
Yes, the given answer is correct as the time series analysis is one of the type of method in which the data are get analyze in order to extract some useful statistics information from the given data.
The main purpose of the time series analysis is that it helps in identifying the various types of variance in order to determining the various types of factors in the given observed information.
According to the given question, the empirical approach is used for characterized as the time serves analysis based on the given observation. Therefore, Time series analysis is the correct answer.