Briefly explain your reasoning for the question below:

b)(i) Discuss the methodology proposed by Box and Jenkins in determining appropriate models for univariate time series data. In particular, first stating what the parameters p and q represent in the ARMA(p, q) model. Comment on the methods Box and Jenkins suggested for determining the values of p and q in practice. (ii) Discuss developments in the identification stage of estimating an ARMA model since Box and Jenkins proposed their approach in 1976