Final answer:
The Box-Jenkins methodology introduced by Box and Jenkins in 1970 revolves around ARIMA models, which are key in time series analysis for forecasting.
Step-by-step explanation:
The model identified by Box and Jenkins in their systematic methodology for analyzing and forecasting time series data is known as the Box-Jenkins methodology. This approach is focused on Autoregressive Integrated Moving Average (ARIMA) models. The methodology involves identifying, estimating, and checking models for stationarity and invertibility. The Box-Jenkins model is widely used in various fields, including economics, engineering, and meteorology, due to its adaptability and efficiency in handling data that is non-stationary or seasonal.
The model identified by Box and Jenkins (1970) in their systematic methodology for processes is the AutoRegressive Integrated Moving Average (ARIMA) model.