In the context of time series forecasting, which of the following best describes the Autoregressive Integrated Moving Average (ARIMA) model?
1
It is a model used only for cross-sectional data analysis.
2
It is a model that solely focuses on the moving average of a time series.
3
It is a model that includes terms for autoregression, differencing, and a moving average component.
4
It is a model that does not require stationarity of the data series for reliable forecasting.