Time Series Analysis: Statistics, Plots, and Forecasting

In the realm of mathematical analysis, particularly in the study of data and trends, time series charts play a pivotal role. A time series chart is a graphical representation that displays data points collected over a sequence of time intervals. This tool is indispensable in various fields, including economics, finance, environmental science, and social sciences, for analyzing patterns, trends, and fluctuations in data over time.

A typical time series chart comprises two essential components: the time axis and the data axis. The time axis represents the progression of time, which can be measured in various units, such as seconds, minutes, hours, days, months, or years. The data axis displays the values of the variable being studied, which can be anything from stock prices and temperature readings to population counts and sales figures.

To construct a time series chart, you must do the following:

• Data collection...