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Irregular Components in a time series

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Define irregular component in time series and explain the differences between other components as well as its effects.

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The four components of time series are
1. Secular Trend
2 .Periodic change
i) Seasonal variations ii) Cyclic variations
3) Random or Irregular Movements

secular trend : by this we mean the general tendency of data to increase or decrease during long period of time .For example we always see upward trend in population ...

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Solution provides a definition of irregular components in time series and explains the differences between other components as well as its effects.

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Components of a Time Series

Four components of a time series are secular trend, cyclical variation, seasonal variation, and irregular variation (Lind, 2005). Briefly describe each of these components and provide a real-world example of one component.

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