What Is Time Series Forecasting, And How Does It Work?
There are several approaches to time series forecasting. The method known as Prophet combines domain knowledge with external data. The algorithm is flexible, allowing it to adapt to the size and capacity of a market. The time series can be customized to include holidays and other game-changing updates.
Explanation
Time series forecasting is a technique for predicting the future value of a series of data. For example, if a company records the traffic on its website every hour, it can try to predict the traffic during the next hour. This would be done by using a time series model.
This technique can be used to forecast several different things, including the birth rate in hospitals throughout a city, the number of passengers at a train station, the unemployment rate in a state, the number of rabbits in a breeding season, and the average price of gasoline in a city. … Read more
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