Simple Time Series Analysis

E​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​xamine values of a variable over equally spaced intervals of time income figures monthly or yearly). Use times series analyses to discern patterns in the revenues and expenditures. Look for outliers and sudden shifts in data patterns and unusual observations or shifts. Analyze fiscal data over time is via Time Series Analysis. Time series analysis enables public administrators and policy analysts to examine values of a variable over equally spaced intervals of time (e.g., income figures ​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​monthly or yearly). Using times series analyses, administrators and analysts can discern patterns in the values that enable them to forecast future values based on historical and existing patterns. A time series plot allows an analyst to look for (1) outliers and sudden shifts in data patterns, (2) unusual observations or shifts, and (3) long-term increase or decrease in the data values. A trend plot also will show whether the data pattern is linear or nonlinear, as the time series plot​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​.

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