ARIMA(p,d,q) stands for AutoRegressive Integrated Moving Average, which is a popular statistical method used for analyzing and forecasting time series data. The model combines three components: 'p' represents the number of autoregressive terms, 'd' indicates the degree of differencing needed to make the series stationary, and 'q' denotes the number of moving average terms. This combination helps capture different patterns in the data, making it an effective tool for forecasting future values based on past observations.
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