Time series analysis

Abstract

A time series is a sequential collection of data indexed over time. In most cases the data are continuous but they are recorded at a discrete and finite set of equally spaced points. If a time series has N-observations (x0, x1, …, xN), then the time indexed distance between any two successive observations is referred to as the sampling interval. Time series lets one to explore, analyse and forecast univariate time series. Moreover, autocorrelations and partial auto correlations of the series indicate how and to what degree each point in the series is correlated with earlier values in the series. The analysis of time series is of immense significance not only for economist and businessman but also for scientist, geologist, biologist, research worker, etc. for various reasons.