When quantitative data are arranged in the order of their occurrence, the resulting series is called the Time Series

**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.*

Tags : Definition | Applied Statistics , 12th Business Maths and Statistics : Chapter 9 : Applied Statistics

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12th Business Maths and Statistics : Chapter 9 : Applied Statistics : Time Series Analysis | Definition | Applied Statistics

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