Statistical Basics for Time Series Analysis
Wayne A. Woodward, Bivin P. Sadler, Stephen D. Robertson · 2022
This chapter discusses statistical fundamentals that are basic to analysis of time series. It reviews some basic concepts from classical (not time series) statistical analysis. The chapter begins by discussing univariate statistical analysis. It also discusses the concepts involved in the analysis of a single variable. A random variable is a variable whose values are the (numerical) outcomes of a random phenomenon associated with some probability distribution. There are two basic types of random variables: discrete random variables: possible outcomes can be counted continuous random variables: there is a continuum of possible outcomes. The true probability distribution would be the heights of all male students at the university.