What is Time Series Forecasting?

What is Time Series Forecasting?

In this article, we will be discussing an algorithm that helps us analyze past trends and lets us focus on what is to unfold next so this algorithm is time series forecasting. In this analysis, you have one variable -TIME. A time series is a set of observations taken at a specified time usually equal in intervals. It is used to predict future value based on previously observed data points.

In this article, we will be discussing an algorithm that helps us analyze past trends and lets us focus on what is to unfold next so this algorithm is time series forecasting.

What is Time Series Analysis?

In this analysis, you have one variable -TIME. A time series is a set of observations taken at a specified time usually equal in intervals. It is used to predict future value based on previously observed data points.

Here some examples where time series is used.

  1. Business forecasting
  2. Understand the past behavior
  3. Plan future
  4. Evaluate current accomplishments.

Components of time series :

  1. Trend: Let’s understand by example, let's say in a new construction area someone open hardware store now while construction is going on people will buy hardware. but after completing construction buyers of hardware will be reduced. So for some times selling goes high and then low its called uptrend and downtrend.
  2. *Seasonality: *Every year chocolate sell goes high during the end of the year due to Christmas. This same pattern happens every year while in the trend that is not the case. Seasonality is repeating same pattern at same intervals.
  3. Irregularity: It is also called noise. When something unusual happens that affects the regularity, for example, there is a natural disaster once in many years lets say it is flooded so people buying medicine more in that period. This what no one predicted and you don’t know how many numbers of sales going to happen.
  4. Cyclic: It is basically repeating up and down movements so this means it can go more than one year so it doesn’t have fix pattern and it can happen any time and it is much harder to predict.

Stationarity of a time series:

A series is said to be “strictly stationary” if the marginal distribution of Y at time t[p(Yt)] is the same as at any other point in time. This implies that the mean, variance, and covariance of the series Yt are time-invariant.

However, a series said to be “weakly stationary” or “covariance stationary” if mean and variance are constant and covariance of two-point Cov(Y1, Y1+k)=Cov(Y2, Y2+k)=const, which depends only on lag k but do not depend on time explicitly.

machine-learning time-series-model machine-learning-ai time-series-forecasting time-series-analysis

Bootstrap 5 Complete Course with Examples

Bootstrap 5 Tutorial - Bootstrap 5 Crash Course for Beginners

Nest.JS Tutorial for Beginners

Hello Vue 3: A First Look at Vue 3 and the Composition API

Building a simple Applications with Vue 3

Deno Crash Course: Explore Deno and Create a full REST API with Deno

How to Build a Real-time Chat App with Deno and WebSockets

Convert HTML to Markdown Online

HTML entity encoder decoder Online

Flow-Forecast: A time series forecasting library built in PyTorch

Flow-Forecast: A time series forecasting library built in PyTorch. Accurate multivariate time series forecasting and classification remains central challenge for many businesses and non-profits.

Simple Multivariate Time-Series Forecasting

This tutorial was supposed to be published last week. Except I couldn’t get a working (and decent) model ready in time to write an article about it.

Time Series Forecasting: Limitations of LSTMs

While LSTMs have become increasingly popular for time series analysis, they do have limitations. Long-short term memory networks (LSTMs) are now frequently used for time series analysis.

Time-Series Forecasting: Predicting Stock Prices Using An ARIMA Model

Time-Series Forecasting: Predicting Stock Prices Using An ARIMA Model. In this post I show you how to predict the TESLA stock price using a forecasting ARIMA model

Time Series Analysis & Predictive Modeling Using Machine Learning

Time Series Analysis & Predictive Modeling Using Machine Learning. Time Series Analysis & Predictive Modeling Using Supervised Machine Learning Stock price prediction using machine learning