Succinctly, can we say ACF measures the linear relationship between an observation at time t and the observation at previous times while PACF on the other hand measures the correlation between observation at points in time while controlling for the influence of all other time lags?
Succinctly, can we say ACF measures the linear relationship between an observation at time t and the observation at previous times while PACF on the other hand measures the correlation between observation at points in time while controlling for the influence of all other time lags?