Prophet is an open-source library developed by Facebook for Time Series Forecasting and has many advantages.
Find 6️⃣ of them below 🧵 👇
7
59
318
Replies
1️⃣ Ease of use:
Prophet is designed to make time series forecasting accessible to everyone, regardless of their expertise.
With its simple and intuitive API, you can quickly harness the power of forecasting without getting lost in complex algorithms.
1
0
10
2️⃣ Automatic feature selection:
Prophet automatically detects and incorporates crucial features like seasonality, trend changes, and holidays.
1
0
9
3️⃣ Flexibility:
Whether you're dealing with hourly, daily, weekly, or monthly data, Prophet has got you covered.
It can also handle missing values and outliers with ease, making it a versatile tool for diverse forecasting tasks.
1
0
9
4️⃣ Uncertainty estimation:
Prophet goes beyond point estimates and provides uncertainty estimation through prediction intervals.
This helps you understand the range of possible outcomes and quantify the uncertainty associated with your forecasts.
1
0
8
5️⃣ Model interpretability:
Gain valuable insights into your time series! Prophet allows you to inspect and understand the underlying components of your forecast.
Uncover trends, seasonality patterns, and the impact of holidays to make informed decisions.
1
0
7
6️⃣ Scalability:
Big data? No problem! Prophet, built on Stan, a probabilistic programming language, can handle millions of observations efficiently.
It's lightning-fast, making it suitable for both small and large-scale forecasting tasks.
1
0
8
However, Prophet might not be the best fit for every scenario.
👉 Consider your specific needs and requirements before choosing a forecasting tool.
1
0
7
Check my first article about Facebook Prophet to learn more about it 👇
1
2
12
You should also join our newsletter: DSBoost🚀
Every week we share:
🔹Interviews
🔹Podcast notes
🔹Learning resources
🔹Interesting collections of content
Subscribe for free👇👇
0
0
6
@daansan_ml
easy to use, does excellent job for in sample forecast.
out-of-sample forecast ?? there are better tools
0
0
0