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Autocorrelation and partial-autocorrelation plots

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Finding the correct order for an ARMA(p,q) model based solely upon examination of the autocorrelation and partial-autocorrelation plots may, at times, be extremely difficult. What other ways might one use to find the correct ARMA(p,q) model for a given time series? What data characteristics would one be looking for? What statistical tools can be used in the model selection process?

Reference no: EM132445029

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