Difference Between a Random Sample and Time Series

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Vidya
Consultant, India
Hi all... I would like to know the basic difference between a random sample and time series.. Can someone please explain this? (...) Read more? Sign up for free

  Jaap de Jonge
Editor, Netherlands
 

Difference Random Sample versus Time Series

As far as I understand the basic difference is that:
- A time series is a sequence of data points, measured typically at successive time instants (per second, minute, hour, day, week, month, year). So time series data have a natural temporal ordering.
- A random sample has no natural ordering of the observations. It is a collection of data without any order, be it in time or any other. It is randomly collected data.

  Martin haley
Lecturer, United Kingdom
 

Difference Random Sample versus Time Series

- Random Samples are used when we want to use the probabilities if chance. The basic rule for random sample is that everyone in the population has an equal chance of selection. The difficulties are identifying everyone in a population.
- The issue with Time Series is that whilst they a series of measurement shown over time to identify a trend, within economics such as inflation or unemployment rates, the analysis is dependent upon the same method of calculation being applied to the time period in question. But governments are very good at changing the method.

 

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