Question: a. Define a first-order ARIMA process in terms of the relationship between successive observations. b. What parameter values would you set equal to zero in

a. Define a first-order ARIMA process in terms of the relationship between successive observations.
b. What parameter values would you set equal to zero in an ARIMA process in order to have a random walk?
c. How can you construct an ARMA process from an ARIMA process?
d. Describe the forecasts for the distant future based on an ARIMA process.

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