Foundations of Index Numbers and Time Series Analysis

Understanding how economic data changes over time is crucial for making smart business and policy decisions. Whether you are tracking inflation or forecasting sales, index numbers and time series analysis provide the mathematical foundation you need to interpret complex data. This text-only course guides you through the core concepts of economic statistics, transforming raw data into meaningful insights. You will transition from understanding basic statistical definitions to confidently calculating indices and identifying long-term trends. What you'll learn: Understand the fundamental concepts of index numbers and their real-world applications in measuring inflation; Construct price and quantity indices using standard formulas, including Laspeyres, Paasche, and Fisher methods; Analyze the key components of a time series, including secular trends, seasonal variations, and cyclical fluctuations; Apply smoothing techniques like moving averages to identify underlying patterns in historical data; Practice solving practical statistical problems through step-by-step written exercises. The course starts with key terminology and foundational definitions before moving into the step-by-step construction of index numbers. You will then explore time series components and practice applying trend-fitting methods to solve real-world problems. Designed entirely for beginners, this course requires no prior advanced mathematical or statistical background. Start reading today to build a solid foundation in economic data analysis.