Reflective Statement: Apply existing knowledge
This proficiency demonstrates my ability to apply existing knowledge of
forecasting to predict the demand for copper. This is done employing the use of an
ARIMA model. A thorough description of why this method may be acceptable for a
short run forecast is provided which gives this paper a distinct approach at forecasting
demand as opposed to using the two stage least squares process.
This artifact could be improved upon by providing a two stage least squares
analysis in addition to the ARIMA model. This would allow the reader to make the
appropriate judgment about the adequacy of ARIMA models to provide a short term
forecast for demand.