What is the proper plain-English interpretation of these models (unit of measure is month)?
- $\text{ARIMA}(4,1,1)$
- $\text{ARIMA}(3,1,3)(1,0,2)_{12}$
- $\text{ARIMA}(0,1,1)$
- $\text{ARIMA}(1,1,0)$
My attempt:
- The value of the current month depends on the values of the last four months along with the prediction error of the last month.
- (not sure)
- The value of the current month depends only on the prediction error of the last month
- The value of the current month depends only on the value from the last month