Time Series

Unit-1 Analysis of Time Series ? Introduction: One of the closely master(prenominal) tasks before economists and businessmen these days is to make estimates for the future. For ensample, a man of affairs is interested in finding out his likely gross revenue in the year 2008 or as a long planning in 2020 or the year 2030 so that he could adjust his production accordingly and avoid the possibility of both unsold stocks or inadequate production to meet the demand. Similarly, an economist is interested in estimating the likely population in the feeler year so that proper planning can be carried out with regard to food supply, jobs for the people, etc. However, the first yard in making estimates for the future consists of gathering information from the past. In this connection one usually deals with statistical data which be collected, observed or recorded at successive intervals of age. such data are generally referred to as time serial. Thus when we observe numerical data at disparate points of time the bushel of observations is known as time serial publication. For pillow slip if we observe production, gross revenue, population, imports, exports, etc. at different points of time, say, over the cultivation 5 or 10 years, the set of observations formed shall induce time series.

Hence, in the analysis of time series, time is the most important factor because the variable is related to time which may be either year, month, week, day, hour or even- minutes or seconds. ? Definition: A time series is a set of observations made at specified times and arranged in a chronological order. The data of a time series are bivariate data where time is the independent variable. For example: 1) The population of India on different census dates. 2) Year keen-witted production of cereals. 3) Annual industrial production figures. 4) Annual sales of a departmental store etc. Symbolically if t stands for time and yt represents the value at time t then the paired... If you fate to get a full essay, order it on our website: Orderessay

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