एक्सप्लेन हाउ आर टाइम सीरीज ड्राइवर्स प्रीपेड ऑटो डिस्टिंग्विश बिटवीन वन वेरिएबल एंड टू वेरिएबल टाइम सीरीज ग्राफ
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Answer:
How do people get to know that the price of a commodity has increased over a period of time? They can do so by comparing the prices of the commodity for a set of a time period. A set of observations ordered with respect to the successive time periods is a time series.
In other words, the arrangement of data in accordance with their time of occurrence is a time series. It is the chronological arrangement of data. Here, time is just a way in which one can relate the entire phenomenon to suitable reference points. Time can be hours, days, months or years.
A time series depicts the relationship between two variables. Time is one of those variables and the second is any quantitative variable. It is not necessary that the relationship always shows increment in the change of the variable with reference to time. The relation is not always decreasing too.
It may be increasing for some and decreasing for some points in time. Can you think of any such example? The temperature of a particular city in a particular week or a month is one of those examples.
Uses of Time Series
The most important use of studying time series is that it helps us to predict the future behaviour of the variable based on past experience
It is helpful for business planning as it helps in comparing the actual current performance with the expected one
From time series, we get to study the past behaviour of the phenomenon or the variable under consideration
We can compare the changes in the values of different variables at different times or places, etc.
Explanation:
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