Statistics >> Time Series
The time series is an arrangement of statistical data in accordance with the time of its occurrence. Time series refers to any statistical data collected at regular intervals of time. Time may be in terms of years, months, weeks, days and so on.
Mathematically, a time series may be defined as y =f(1), where y is the value of the variable at time t. Thus, a time series gives relationship between two variables-one is independent variable time (t) and the other, dependent variable (y). For example the price of a commodity (y) in different years (t), the production (y) of tea in Assam in different years (t), the sales (y) of a store in different months (t) etc.
Importance of time-series analysis
The analysis of Time Series is important to businessmen, economists, social scientists and also to people working in various other fields due to the following reasons.
(i) It helps in understanding the past behaviour of the variable.
(ii) It enables to isolate the various forces affecting the time series.
(iii) Analysis of time series helps in forecasting the future value of a variable.
(iv) A time series provides a scientific basis for making comparison between two or more sets of data.
(v) Time series helps in planning future operations.
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