Time Series Analysis – the four components of the data.
The elements of a series of data are quite complicated. If we want to pick out the Trend or adapt production for seasonal variation we need to be able to deal with the four components.
This image explains the four elements quite well.
The YouTube video is also given. most of the video is more related to statistical packages and beyond what we will be worried about at this stage. Worth watching from about 8 ins 30 seconds until this image comes off the screen.
https://www.youtube.com/watch?v=f9tyljdHQaA