Modelling Stochastic Processes with Time Series Analysis

Modelling Stochastic Processes with Time Series Analysis 

Given the pre-eminence of the transfer function and frequency-domain-based approaches in process and chemical engineering, these two approaches will be discussed in greatest detail in this chapter. Nevertheless, information about the state-space-based approach will also be considered. This chapter will present the basic, univariate approach to time series analysis, which will be extended in Chap. 6 to consider the multivariate case containing both stochastic and deterministic components in order to model complex processes for process control, economic analysis, and simulation development. 

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