# Time series analysis

**DOI:**https://doi.org/10.1007/1-4020-0611-X_1045

## INTRODUCTION

A time series is an ordered sequence of observations. This ordering is usually through time, although other dimensions, such as spatial ordering, are sometimes encountered. A time series can be continuous, as when an electrical signal such as voltage is recorded. Typically, however, most industrial time series are observed and recorded at specific time intervals and are said to be discrete time series. If only one variable is observed, the time series is said to be univariate. However, some time series involve simultaneous observations on several variables. These are called multivariate time series.

There are three general objectives for studying time series: 1) understanding and modeling of the underlying mechanism that generates the time series, 2) prediction of future values, and 3) control of some system for which the time series is a performance measure. Examples of the third application occur frequently in industry. Almost all time series exhibit some structural...

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