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