Learn to create and display time series plots using Minitab. Time series plots display performance over time, including any trends. Specify how these plots are displayed. Evaluate, compare and contrast differences between time series plots of multiple groups. Answer questions such as what is the pattern of performacen over time? How are the patterns over time different for various groups, products or services?
- [Voiceover] In this movie, I will show you how to create time series plots using Minitab. Open the exercise file 02-03. What we have here is US retail gas prices over the years from 94 to 2015, as well as for the three regions east coast, west coast, and the midwest. So, I want to plot to see how gas prices have trended over the years nationally and from coast to coast. To do that, we'll use time series plots.
Go up to the Graph menu, Time Series Plot, and let's plot the national gas prices first. They will be C2 and C3, are the columns of interest. So, Simple. So, the series itself will be, the data itself would be in C3, US Retail Gas Prices. And we have to specify the time scale. Since we have the time scale already in C2, let's go to Stamp and specify C2 being the year, and select OK.
And OK again. And we have a time series plot over the years for the national gas prices. So, if my follow-up question is, how does this differ from region to region and how did it compare against the national gas prices? To do that, we can have a plot of the national gas prices, as well as the three regions, and showcase these four time series plots on one graph. To do that, go up to Graph, Time Series Plot.
In this case, we have multiple columns, one column for each data set, so select Multiple. And the time series is in the four columns. Select all four. And a time scale still applies. Let's double check on that. For the time axis, we select Stamp and select C2 Year. OK. And OK. And there you have it, a side by side comparison of all four graphs showing the national, as well as the regional gas prices over the years.
So, let's compare and show the two graphs that we have created. We have the national by itself and the comparison across all four trends, the national and the three regions. There you have it. Time series plots using Minitab.
Dr. Richard Chua shows how to import and organize data; open, save, and share Minitab worksheets and projects; create graphs and charts; and use descriptive statistics and statistical tests in Minitab to make inferences and data-driven decisions. Then learn how to make inferences on continuous data—running normality tests, variance tests, correlations, and simple regression tests. Finally, discover how to share your findings with others using reports and simple copy-and-paste techniques. Start watching to learn why Minitab is one of the world's most popular statistical software tools.
- Determine how to utilize display graphs and charts including bar, Pareto charts, and scatterplots.
- Recognize how to compare variance and multiple means.
- Identify how to compare medians.
- Explore how to run a multiple regression test and examine the resulting data.
- Break down how to compare inferences on continuous data.
- Differentiate how to compare proportions.