In this section, we will take a look at the first example of forecasting the demand for electricity consumption, and predict the energy expenses using time series analysis. We will start with a brief problem statement and define steps to solve the problem. This will give you a better understanding of how to find solutions to problems using time series analysis.
Today, electricity or energy is a very basic necessity for all of us. We use electricity and pay bills. Now, as a customer, we want to analyze electricity consumption and predict future consumption and predict energy expenses. This is the problem that we will solve in this section.
Time series analysis is the optimal approach for solving problems similar to the one defined in the preceding problem statement. Machine learning models need large datasets to be fed before the actual solution is derived. These large datasets are used by machine learning models to...