a. How is the flexibility of the BoxJenkins ARIMA process approach helpful in time-series analysis? b. What

Question:

a. How is the flexibility of the Box–Jenkins ARIMA process approach helpful in time-series analysis?
b. What is parsimony?
c. How does the forecast relate to the actual future behavior of the estimated process?
d. How do the forecast limits relate to the actual future behavior of the estimated process?