Exploratory Data Analysis
1.3. EDA Techniques
1.3.3. Graphical Techniques: Alphabetic
22.214.171.124. Lag Plot
We can make the following conclusions based on the above plot.
|Discussion||The lag plot shown above is for lag = 1. Note the absence of structure. One cannot infer, from a current value Yi-1, the next value Yi. Thus for a known value Yi-1 on the horizontal axis (say, Yi-1 = +0.5), the Yi-th value could be virtually anything (from Yi = -2.5 to Yi = +1.5). Such non-association is the essence of randomness.|