Definition of Box-Jenkins model:
Its methodology uses differences between data points to determine outcomes. The methodology allows the model to identify trends using autoregresssion, moving averages and seasonal differencing to generate forecasts. Autoregressive integrated moving average (ARIMA) models are a form of Box-Jenkins model. The terms ARIMA and Box-Jenkins Model can be used interchangeably.
A mathematical model that makes forecasts of future economic activity based on past activity. This type of model is called autoregressive. A Box-Jenkins model is so complex that it requires sophisticated specialized software.
The Box-Jenkins Model is a mathematical model designed to forecast data ranges based on inputs from a specified time series. The Box-Jenkins Model can analyze many different types of time series data for forecasting.
How to use Box-Jenkins model in a sentence?
- The Box-Jenkins Model is a forecasting methodology using regression studies.
- It is best suited for forecasting within time frames of 18 months or less.
- Modernly ARIMA calculations are done with sophisticated tools such as programmable statistical software in R programming language.
- The methodology is best used as a computer-calculated forecast based on a regression of time-series data.
Meaning of Box-Jenkins model & Box-Jenkins model Definition