A deep dive into Forecasting

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In Part 1 forecasting was briefly introduced as an useful technique to establish future baselines for time series data. Although reading simple forecasts seems straight forward, there are a number of practical nuances which need to be understood for correctly consuming these forecasts. This post will cover some of the most important caveats of the forecasting process. Following the precedent set by last post, even this discussion will be light on the coding part and focus more on decluttering the concepts.

How does forecasting actually work?

Time series forecasting essentially involves two phases. First the training phase is used to…

A Layman’s guide to understanding Time Series Analysis

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Credits — ©max_776 — stock.adobe.com

Time series data is everywhere. Almost all of us come across it in mundane life. It can be climate forecasts or stock market graphs. Even businesses base their critical decisions on time series analysis like forecasts or anomaly detection. Often a legion of analysts or data scientists work towards creating and explaining these analysis. However it makes sense for everyone to understand what time series data offers given how prevalent it has become in our lives.

This discussion therefore focuses on understanding time series analysis from a layman’s perspective. For the sake…

Prashant Bangar

Data Science | Machine Learning | Time Series Analysis

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