Time Series

 

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.