Statistics Assignment Help >> Time Series Analysis and Forecasting Methods

Time Series Analysis and Forecasting Methods

Time series and time series forecasting methods are used in the subject of statistics in various fields like mathematical finance, signal processing etc. A time series is a form of sequence of data points. These data points are measured for successive times and are spaced at various time intervals. It is comprised of methods for conducting the analysis of time series data for extracting meaningful statistics and also for finding other characteristics of the data. The times series forecasting is a model used for forecasting future events that are based on the known past events for predicting data points before measurement. Line charts are used to frequently plot the time series.

The neutrality in the temporal ordering in the times series data distinguishes it from the other problems of data analysis. The times series analysis is also different form the spatial data analysis process, in case of which the observations are in relation to the geographical locations. A times series analysis generally reflects the fact that the observations which are close together in time will be more close as compared to other observations which are further apart. The time series analysis models make use of natural way of ordering of time which makes the values for a given period to be expressed as they are derived for some past values and not on future values.

The methods used for the time series analysis can be divided into two classes. These classes are the frequency domain methods which include the spectral analysis and the wavelet analysis and the time domain methods which include the autocorrelation and the cross correlation analysis. The time series data analysis can be of several types and can be appropriated for various different purposes.

General exploration-it includes graphical examination of the data series, the autocorrelation analysis for examining serial dependence and the spectral analysis for examining the cyclic behavior which is not related to the seasonality.

Description-used for separating the components which represent trend, slow, fast, cyclic or irregular variation, seasonality etc and also for determining the simple properties of the marginal distributions.

Forecasting and prediction-time series analysis and forecasting generates fully formed statistical models for the stochastic stimulation purposes which generate various alternative versions of time series and represent what may happen over the non specific time intervals which will occur in future. The simple statistical models also describe the various likely outcomes of the time series in the immediate future and also provide knowledge about the most recent outcomes or forecasting.

Models of time series

The models of the times series analysis takes the shape of various forms and also represents various stochastic processes. The three broad classes of modeling variations of practical importance are the auto regressive mForecasting and prediction-time series analysis and forecasting generates fully formed statistical models for the stochastic stimulation purposes which generate various alternative versions of time series and represent what may happen over the non specific time intervals which will occur in future. The simple statistical models also describe the various likely outcomes of the time series in the immediate future and also provide knowledge about the most recent outcomes or forecasting.

Models of time series

The models of the times series analysis takes the shape of various forms and also represents various stochastic processes. The three broad classes of modeling variations of practical importance are the auto regressive models, the moving average models or the integrated models. These three classes of modeling depend linearly on the previous data point and when they are combined, we get the autoregressive moving average (ARMA) model and the autoregressive integrated moving average (ARIMA) model. You can online tutoring on the subject, who will provide to you within your home by on of our expert and you will experience the atmosphere of the live classroom in your home. What more, the service are offered at very affordable prices so that you do have to overburden your budget. We believe that education is necessary, but what is more necessary is the imparting of education in a student friendly way, so that the subject knowledge is with the student throughout life. Log on to expertsmind.com and let us take care of all your needs and aspirations. We at Expertsmind.com offer email based statistics assignment help, statistics homework help and projects assistance with best possible answers. Get solved time series analysis and forecasting methods problem’s solutions with best online support for 24*7 hours from qualified and experienced stats experts.