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  OPERATION RESEARCH FUNDAMENTALS FOR BUSINESS OPERATION RESEARCH Operation Research  Operation Research is a discipline that helps to make better decisions in complex scenarios by the application of a set of advanced analytical methods.  It couples theories, results and theorems of mathematics , statistics and probability with its own theories and algorithms for problem solving Operation Research is also known as  • Decision Science • Management Science • Operation management • Quantitative Techniques

The values of a time series may be affected by the number of movements or fluctuations, which are its characteristics. The types of movements characterizing a time series are called components of time series or elements of a time series. These are four types Secular Trend  Seasonal Variations  Cyclical Variations  Irregular Variations  Secular Trend  Secular Trend is also called long term trend or simply trend. The secular trend refers to the general tendency of data to grow or decline over a long period of time. For example the population of India over years shows a definite rising tendency. The death rate in the country after independence shows a falling tendency because of advancement of literacy and medical facilities. Here long period of time does not mean as several years. Whether a particular period can be regarded as long period or not in the study of secular trend depends upon the nature of data. For example if we are studying the figures of sales of cloth ...

  The essential requirements of a time series are:  The time gap, between various values must be as far as possible, equal. It must consist of a homogeneous set of values.  Data must be available for a long period.  Symbolically if „t‟ stands for time and 'yt' represents the value at time t then the paired values (t, yt) represents a time series data.