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Wavelets seem to be very useful for image processing. Assuming that I'm only ever going to study signals of time, i.e. 1D signals, should I still take a course in wavelet analysis? Are they applicable to 1D signals?

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They absolutely are applicable. They are used for signal compression, denoising, feature extraction, filter-bank signal processing and many more things. In fact, a course of wavelet analysis will (should) stress one-dimensional analysis, which 2D is an extension of.

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  • $\begingroup$ Can you give any examples how wavelet analysis could help decision-making? Assume you have 1D ECG signal. How can you benefit from wavelet analysis? $\endgroup$ – Léo Léopold Hertz 준영 May 18 '16 at 18:21

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