Time Series and Its Components

As the name itself signifies, time series is related to time.
When in any situation you arrange the statistical data in chronological order, which means arranging the statistical data in accordance with occurrence of time then the process is known as time series in statistics. This series plays vital role in the field of Economics and Business statistic. It helps us study the changing trend of prices, consumption, and production of various commodities in the market.
It also helps us keep records of sales and profit of any business, cash inflow and outflow of any business, and similar statistics records with respect to time. It is one of the most important parts of statistics which needs to be learnt at great interest. A time series depicts the relationship between two variables, in which one of them is time. For example: Calculating the national income of a nation every year. Here the year and income are two variables as the year changes the income of the nation also changes.

The calculation of national income with respect to time helps us determine the progress of the nation and helps us plan future economical goals of the nation. There are different factors at work which affects the value of any time series.

These factors are known as components.

They are classified into four main categories and present in every time series in varying degrees.
Secular Trend Or Long Term Movement Periodic Changes Or Short Term Fluctuations Random Or Irregular Movement Periodic changes or short term fluctuations are further divided into two parts: Seasonal variation and Cyclic variation.

The value of the time series at any given time is the result of the combination impact of the above three components on any variable factor.

If you are a student of statistic and are facing problem while understand the concept of time series and its various components, then you must take external help. You can carry out research on Google to know the concept better or you can take the help of private statistical tutor who will explain the topics to you with illustrations.

If you are looking for a private statistical tutor in your locality then you must take the help of online websites which provide information on different private tutors who are experts on various subjects and capable of passing their knowledge to different students.

You can get the right private statistical tutor in your locality as per your requirement with the help of the Internet.