We illustrate in the current study that fitting a univariate time series model to each extracted component might end up with the underestimation of the serial dependence that the observation data might contain. A alternative for parameter estimation is suggested to preserve the serial dependence of the observation variable using the relationship between the observation variable and the decomposed variable. The case study of the Upper Colorado River basin shows that some improvement is made through the suggested alternative.

• Taesam Lee(Department of Civil Engineering Gyeongsang National University) Corresponding author