Introduction

Time series models serve as indispensable tools for researchers across many disciplines, enabling the analysis and comprehension of intricate datasets. Within the realms of economics and finance, these models are extensively applied to study key economic variables, including stock prices, exchange rates, interest rates, and inflation. Moreover, in the realm of management science, researchers rely on these models to predict sales, production trends, and demand patterns. Climate change researchers also employ these models to investigate climate data, facilitating the comprehension and projection of temperature fluctuations, sea level variations, and the likelihood of the occurrence of natural disasters. Beyond these, time series models have wide-ranging applications in areas such as healthcare, environmental science, engineering, and other domains as well…