Constructing Plots and Identifying Components

What this note covers

1. What Is a Time Series and How Do We Plot One?
2. The Four Components of a Time Series
3. Identifying the Trend: Linear vs Non-Linear
4. Identifying Seasonal Variation: The Fixed-Period Repeating Pattern
5. Distinguishing Seasonal from Cyclical Variation
6. The Irregular Component: Recognising and Describing Random Variation
7. Reading and Describing a Time Series Plot: A Full Worked Analysis

7 sections · 12 key terms & formulas · 6 common mistakes