Define a random walk in terms of the relationship between, Management Theories

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Define a random walk in terms of the relationship between

Question: a. Define a random walk in terms of the relationship between successive observations.

b. Carefully distinguish a random noise process from a random walk.

c. Comment on the following: If it is a random walk, then special time-series methods are not needed to analyze it.

d. What is the effect of the drift term in a random walk?

e. Describe the forecasts for a random walk process.

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