Time Series
The statistical technique applied to measure the time based data over a period of time is known as time series analysis
Variations in time series
- Secular Trend
- Change come over a long period of time
- Year to Year fluctuation but there is steady increase in the trend
- Ex- steady increase in cost of living
- Cyclical Fluctuation
- Cyclic moves do not follow any regular pattern, they are irregular
- Ex- Business Cycle
- Seasonal Variation
- Ex- Sale of A.C. increase in summer
- Irregular Variation
- The value of the variable is unpredictable, changing in random manner
- The effect of earthquakes ,flood, wars etc. can not be predictable