Question: Oil consumption forecasting using ARIMA models - an empirical study for Greece and answer the questions below. QUESTIONS 1. Describe how the paper specify the

"Oil consumption forecasting using ARIMA models - an empirical study for Greece" and answer the questions below.

QUESTIONS

1. Describe how the paper specify the p,d and q terms of the model?

2. Discuss the diagnostic tests of the model and why they are important?

3. Differentiate between dynamic and static forecasting?

4. Do you think the forecast is accurate? Why?

5. What is your main takeaway from the conclusion of the paper?

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