File Name: on index numbers and time.zip
An index number is a statistical derives to measure changes in the value of money. It is a number which represents the average price of a group of commodities at a particular time in relation to the average price of the same group of commodities at another time. Image Courtesy : bvdt.
Differentiate among various measurements of forecasting error, including mean absolute deviation and mean square error, in order to assess which forecasting method to use 2. Determine trend in time-series data by using linear regression trend analysis, quadratic model trend analysis, and Holt s two-parameter exponential smoothing method 4. Account for seasonal effects of time-series data by using decomposition and Winters three-parameter exponential smoothing method 5. Test for autocorrelation using the Durbin-Watson test, overcoming it by adding independent variables and transforming variables and taking advantage of it with autoregression 6. One of the main areas of environmental concern is air pollution, and the U. Some of the air pollutants monitored include carbon monoxide emissions, nitrogen oxide emissions, volatile organic compounds, sulfur dioxide emissions, particulate matter, fugitive dust, and lead emissions.
Index Numbers pp Cite as. The problem of index number construction has attracted considerable interest throughout this century. Many eminent statisticians and economists had worked on the problem and put forward a number of formulae for their measurement. Approaches to the index number construction generally vary depending upon the particular variable of interest. For example, an approach to the construction of consumer price index would be different from that used in the construction of price index number for gross domestic product. In this chapter we focus on the construction of consumer price index numbers which provide a direct measure of purchasing power of currency and its movement over time generally known as temporal comparisons or price levels across different regions or countries spatial comparisons. The principal aim of this chapter is the measurement of price changes from one period to another in a large basket of goods that enter consumption.
In this article we will discuss about:- 1. Meaning of Index Numbers 2. Features of Index Numbers 3. Steps or Problems in the Construction 4. Difficulties in Measuring Changes in Value of Money 6. Types of Index Numbers 7. Importance 8.
Index numbers are intended to measure the degree of economic changes over time. These numbers are values stated as a percentage of a single base figure. Index numbers are important in economic statistics. In simple terms, an index or index number is a number displaying the level of a variable relative to its level set equal to in a given base period. Index numbers are intended to study the change in the effects of such factors which cannot be measured directly. Bowley stated that "Index numbers are used to gauge the changes in some quantity which we cannot observe directly". It can be explained through example in which changes in business activity in a nation are not capable of direct measurement but it is possible to study relative changes in business activity by studying the variations in the values of some such factors which affect business activity, and which are proficient of direct measurement.
Meaning: Index numbers is a statistical tool for measuring relative change in a group of related variables over two or more different times. Features of an Index Number a. They are expressed in percentages. They are special types of averages. They measure the effect of change over a period of time. Defining the purpose of index numbers b.
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Index Numbers: An index number is an economic data figure reflecting price or quantity compared with a standard or base value. OF INDEX NUMBERS.
Course Description: In this course we review techniques that are useful for analyzing data. By the end of the course, the student will be able to: Identifying the various components of a time series and be able to isolate them; Fitting different time series models; Forecast predicting future values of the time series ; Master the various methods of generating indices and apply them to solve practical problems. Course Aims: Learning Outcomes: Indicative Content: The main objective of this course is to help students apply their knowledge of statistics to find solutions to real life problems.
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