Exploring the Business-Culture Relationship with Box-Jenkins ARIMA Analysis for Forecasting the Path and Future Prospects of the Popular Music Industry
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Abstract
Time series analysis plays a crucial role in understanding and predicting the path and future prospects of industries, including the popular music industry. This paper constructed an Box-Jenkins ARIMA (BJ-ARIMA) methodology to analyze the time series data in the popular music industry, with a focus on the relationship between business and culture. By employing the Box-Jenkins approach, BJ-ARIMA forecast future trends and make informed predictions about the development of the industry. Identification, estimation, and diagnostic testing using the BJ-ARIMA framework are the three main components of the Box-Jenkins approach. Autocorrelation and partial autocorrelation plots are analyzed in the identification phase to help choose the best BJ-ARIMA model. The estimation phase involves fitting the selected BJ-ARIMA model to the historical data, using techniques such as maximum likelihood estimation. Finally, BJ-ARIMA diagnostic checking is performed to ensure the model's adequacy and reliability. The findings of BJ-ARIMA analysis will provide a solid foundation for forecasting trends and making informed decisions in the dynamic and evolving world of the popular music industry.
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