Strengths: A well motivated investigation, integrating scientific understanding with time series analysis.
Points for consideration:
Some plots are mentioned but not provided.
The report presents unnecessary code, including commented out code.
The choice of ARIMA model is not well explained, and without discussion of numerical stability and roots.
Starts looking for a lag relationship by pre-whitening (a reasonable approach not covered in class) but only presents unwhitened CCF. The analysis is incomplete and the results are not discussed.
Details are missing in the explanation - a statistical report should usually contain a mathematical description of the model fitted, for example.
The scalogram needs more explanation, since it was not covered in class. Introducing new techniques can be a strength if motivated and explained, but here that is not done.
Typos: In the introduction, M-p should be m_p, cdot should be \cdot.