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Forecasting Time Series Data with Prophet

Forecasting Time Series Data with Prophet - Second Edition

By : Greg Rafferty
4.9 (9)
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Forecasting Time Series Data with Prophet

Forecasting Time Series Data with Prophet

4.9 (9)
By: Greg Rafferty

Overview of this book

Forecasting Time Series Data with Prophet will help you to implement Prophet's cutting-edge forecasting techniques to model future data with high accuracy using only a few lines of code. This second edition has been fully revised with every update to the Prophet package since the first edition was published two years ago. An entirely new chapter is also included, diving into the mathematical equations behind Prophet's models. Additionally, the book contains new sections on forecasting during shocks such as COVID, creating custom trend modes from scratch, and a discussion of recent developments in the open-source forecasting community. You'll cover advanced features such as visualizing forecasts, adding holidays and trend changepoints, and handling outliers. You'll use the Fourier series to model seasonality, learn how to choose between an additive and multiplicative model, and understand when to modify each model parameter. Later, you'll see how to optimize more complicated models with hyperparameter tuning and by adding additional regressors to the model. Finally, you'll learn how to run diagnostics to evaluate the performance of your models in production. By the end of this book, you'll be able to take a raw time series dataset and build advanced and accurate forecasting models with concise, understandable, and repeatable code.
Table of Contents (20 chapters)
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1
Part 1: Getting Started with Prophet
5
Part 2: Seasonality, Tuning, and Advanced Features
14
Part 3: Diagnostics and Evaluation

The History and Development of Time Series Forecasting

Prophet is a powerful tool for creating, visualizing, and optimizing your forecasts! With Prophet, you’ll be able to understand what factors will drive your future results, which will enable you to make more confident decisions. You accomplish these tasks and goals through an intuitive but very flexible programming interface that is designed for both the beginner and expert alike.

You don’t need a deep knowledge of the math or statistics behind time series forecasting techniques to leverage the power of Prophet, although if you do possess this knowledge, Prophet includes a rich feature set that allows you to deploy your experience to great effect. You’ll be working in a structured paradigm where each problem follows the same pattern, allowing you to spend less time figuring out how to optimize your forecasts and more time discovering key insights to supercharge your decisions.

This chapter introduces the foundational ideas behind time series forecasting and discusses some of the key model iterations that eventually led to the development of Prophet. In this chapter, you’ll learn what time series data is and why it must be handled differently than non-time series data, and then you’ll discover the most powerful innovations, of which Prophet is one of the latest. Specifically, we will cover the following topics:

  • Understanding time series forecasting
  • Moving averages and exponential smoothing
  • ARIMA
  • ARCH/GARCH
  • Neural networks
  • Prophet
  • Recent developments
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Forecasting Time Series Data with Prophet
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