Applied Statistics Walter Shewhart (March , - March , ) In this chapter we would be studying about the theoretical and application of the statistical methods of Time Series, Index Number and Statistical Quality Control. Each one of them has its importance in its field of application. Statistical analysis has been widely used for XII Std - Business Maths & Stat EM Chapter - - Applied Statistics scientific research, surveys, experiments etc. The reliability of the interpretation of the statistical analysis depends upon the informations collected and represented.
. 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. Definition . 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. . . Meaning, Uses and Basic Components Meaning: A time series consists of a set of observations arranged in chronological order (either ascending or descending).
Time Series has an important objective to identify the variations and try to eliminate the variations and also helps us to estimate or predict the future values. Why should we learn Time Series? It helps in the analysis of the past behavior. It helps in forecasting and for future plans.
It helps in the evaluation of current achievements. It helps in making comparative studies between one time period