Facebook Prophet Library
Prophet is an open-source tool from Facebook used for forecasting time series data which helps businesses understand and possibly predict the market. It is based on a decomposable additive model where non-linear trends fit with seasonality, it also takes into account the effects of holidays. Before we head right into coding, let’s learn certain terms that are required to understand this.
- Trend: The trend shows the tendency of the data to increase or decrease over a long period of time and it filters out the seasonal variations.
- Seasonality: Seasonality is the variations that occur over a short period of time and is not prominent enough to be called a “trend”.
Time Series Analysis using Facebook Prophet
Time series analysis is one of the important methodologies that helps us to understand the hidden patterns in a dataset that is too related to the time at which it is being recorded. The article aims to explore the fundamentals of time series analysis and demonstrates the analysis using Facebook Prophet.
Table of Content
- What is Time Series Analysis?
- Facebook Prophet Library
- Understanding the Prophet Model
- Need of Facebook Prophet
- Implementation – Analyzing Time Series Data using Prophet