Time Series Analysis
Time Series analysis is one of the statistical methods used to determine the patterns in data collected for a period of time. Generally, each of us should know about the past data to observe and understand the changes that have taken place in the past and current time. One can also identify the regular or irregular occurrence of any specific feature over a time period in a time series data. Most of the time series data relates to fields like Economics, Business, Commerce, etc… For example Production of a product, Cost of a product, Sales of a product, National income, Salary of an individual, etc.. By close observation of time series data, one can predict and plan for future operations in industries and other fields.
A Time Series consists of data arranged chronologically – Croxton & Cowden.
When quantitative data are arranged in the order of their occurrence, the resulting series is called the Time Series – Wessel & Wallet.