Time series refers to any group of statistical information
collected at regular intervals of time. Time series analysis is used to detect
the changes in patterns in these collected data.
1. Definition by Authors
According to Mooris Hamburg “A time series is a set of statistical
observations arranged in chronological order”.
Ya-Lun-Chou : “A time series may be defined as a collection of
readings belonging to different time periods of some economic variable or
composite of variables”.
W.Z. Hirsch says “The main objective in analyzing time series is
to understand, interpret and evaluate change in economic phenomena in the hope
of more correctly anticipating the course of future events”.
2. Uses of Time Series
Time series is used to predict future values based on previously
Time series analysis is used to identify the fluctuation in
economics and business.
It helps in the evaluation of current achievements.
Time series is used in pattern recognition, signal processing,
weather forecasting and earthquake prediction.
It can be said that time series analysis is a big tool in the
hands of business executives to plan their sales, prices, policies and