How to create a time lapse video with Raspberry Pi

After installing a Pi camera module and capturing pictures and videos with raspistill and raspivid commands, I wanted to create a time lapse video of the nice scenery that I have in the back of my apartment. For those who don’t know what it is, time-lapse video (or often-called time-lapse photography) is a shooting technique where contiguous photo frames of a changing scene are captured for an extended period of time in a much lower rate than a typical video frame rate.