A time series consists of a sequence of equally spaced data points for an item or instrument of interest. Time series analysis includes analyzing a time series in order to extract meaningful information that can be used to later develop a forecasting model. Each time series contains trend, seasonal, cyclical, and irregular components that need to be correctly identified and estimated to provide an accurate prediction.
Figure. Arsham, Professor Hossein. Decomposition Analysis. Modelling the Causal Time Series. Causal Modelling and Forecasting. Time-Critical Decision Making for Business Administration.