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Forecasting using
1. Introduction to forecasting
OTexts.com/fpp/1/OTexts.com/fpp/2/3
Forecasting using R 1
Rob J Hyndman
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Outline
1 Introduction
2 Some case studies
3 Time series data
4 Some simple forecasting methods
5 Conclusion
Forecasting using R Introduction 2
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The online environment
Forecasting using R Introduction 3
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Brief bio
Forecasting using R Introduction 4
Director of Monash University’sBusiness & EconomicForecasting Unit
Editor-in-Chief, InternationalJournal of Forecasting
How my forecasting methodology is used:
Pharmaceutical Benefits Scheme
Cancer incidence and mortality
Electricity demand
Ageing population
Fertilizer sales
![Page 5: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/5.jpg)
Brief bio
Forecasting using R Introduction 4
Director of Monash University’sBusiness & EconomicForecasting Unit
Editor-in-Chief, InternationalJournal of Forecasting
How my forecasting methodology is used:
Pharmaceutical Benefits Scheme
Cancer incidence and mortality
Electricity demand
Ageing population
Fertilizer sales
![Page 6: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/6.jpg)
Brief bio
Forecasting using R Introduction 4
Director of Monash University’sBusiness & EconomicForecasting Unit
Editor-in-Chief, InternationalJournal of Forecasting
How my forecasting methodology is used:
Pharmaceutical Benefits Scheme
Cancer incidence and mortality
Electricity demand
Ageing population
Fertilizer sales
![Page 7: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/7.jpg)
Brief bio
Forecasting using R Introduction 4
Director of Monash University’sBusiness & EconomicForecasting Unit
Editor-in-Chief, InternationalJournal of Forecasting
How my forecasting methodology is used:
Pharmaceutical Benefits Scheme
Cancer incidence and mortality
Electricity demand
Ageing population
Fertilizer sales
![Page 8: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/8.jpg)
Brief bio
Forecasting using R Introduction 4
Director of Monash University’sBusiness & EconomicForecasting Unit
Editor-in-Chief, InternationalJournal of Forecasting
How my forecasting methodology is used:
Pharmaceutical Benefits Scheme
Cancer incidence and mortality
Electricity demand
Ageing population
Fertilizer sales
![Page 9: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/9.jpg)
Brief bio
Forecasting using R Introduction 4
Director of Monash University’sBusiness & EconomicForecasting Unit
Editor-in-Chief, InternationalJournal of Forecasting
How my forecasting methodology is used:
Pharmaceutical Benefits Scheme
Cancer incidence and mortality
Electricity demand
Ageing population
Fertilizer sales
![Page 10: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/10.jpg)
Brief bio
Forecasting using R Introduction 4
Director of Monash University’sBusiness & EconomicForecasting Unit
Editor-in-Chief, InternationalJournal of Forecasting
How my forecasting methodology is used:
Pharmaceutical Benefits Scheme
Cancer incidence and mortality
Electricity demand
Ageing population
Fertilizer sales
![Page 11: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/11.jpg)
Brief bio
Forecasting using R Introduction 4
Director of Monash University’sBusiness & EconomicForecasting Unit
Editor-in-Chief, InternationalJournal of Forecasting
How my forecasting methodology is used:
Pharmaceutical Benefits Scheme
Cancer incidence and mortality
Electricity demand
Ageing population
Fertilizer sales
![Page 12: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/12.jpg)
Brief bio
Forecasting using R Introduction 4
Director of Monash University’sBusiness & EconomicForecasting Unit
Editor-in-Chief, InternationalJournal of Forecasting
How my forecasting methodology is used:
Pharmaceutical Benefits Scheme
Cancer incidence and mortality
Electricity demand
Ageing population
Fertilizer salesrobjhyndman.com
![Page 13: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/13.jpg)
Introductions
Please introduce yourself briefly using the chat box(be sure to send your message to everyone).
What is your name?
Where in the world are you?
What time is it there?
Why are you taking this course?
Example
Rob. Melbourne, Australia. 9am. To help me use Rfor forecasting sales for my company.
Forecasting using R Introduction 5
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Introductions
Please introduce yourself briefly using the chat box(be sure to send your message to everyone).
What is your name?
Where in the world are you?
What time is it there?
Why are you taking this course?
Example
Rob. Melbourne, Australia. 9am. To help me use Rfor forecasting sales for my company.
Forecasting using R Introduction 5
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Poll: How experienced are you in forecasting?
1 Guru: I wrote the book, done it for decades,now I do the conference circuit.
2 Expert: It has been my full time job for morethan a decade.
3 Skilled: I have been doing it for years.
4 Comfortable: I understand it and have done it.
5 Learner: I am still learning.
6 Beginner: I have heard of it and would like tolearn more.
7 Unknown: What is forecasting? Is that what theweather people do?
Forecasting using R Introduction 6
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Key reference
Hyndman, R. J. & Athanasopoulos, G.
(2013) Forecasting: principles and
practice.
otexts.com/fpp/
Free and online
Data sets in associated R package
R code for examples
Forecasting using R Introduction 7
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Key reference
Hyndman, R. J. & Athanasopoulos, G.
(2013) Forecasting: principles and
practice.
otexts.com/fpp/
Free and online
Data sets in associated R package
R code for examples
Forecasting using R Introduction 7
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Key reference
Hyndman, R. J. & Athanasopoulos, G.
(2013) Forecasting: principles and
practice.
otexts.com/fpp/
Free and online
Data sets in associated R package
R code for examples
Forecasting using R Introduction 7
![Page 19: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/19.jpg)
Key reference
Hyndman, R. J. & Athanasopoulos, G.
(2013) Forecasting: principles and
practice.
otexts.com/fpp/
Free and online
Data sets in associated R package
R code for examples
Forecasting using R Introduction 7
![Page 20: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/20.jpg)
Key reference
Hyndman, R. J. & Athanasopoulos, G.
(2013) Forecasting: principles and
practice.
otexts.com/fpp/
Free and online
Data sets in associated R package
R code for examples
Forecasting using R Introduction 7
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Book recommendation
Forecasting using R Introduction 8
If you need more supporton statistics or R, then Irecommend:
Introductory Statisticswith Rby Peter Dalgaard
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Poll: How proficient are you in using R?
1 Guru: The R core team come to me for advice.2 Expert: I have written several packages on
CRAN.3 Skilled: I use it regularly and it is an important
part of my job.4 Comfortable: I use it often and am comfortable
with the tool.5 User: I use it sometimes, but I am often
searching around for the right function.6 Learner: I have used it a few times.7 Beginner: I’ve managed to download and install
it.8 Unknown: Why are you speaking like a pirate?
Forecasting using R Introduction 9
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Which version of R are you using?
Version: (try getRversion() if you don’t know)
1 R 3.0.0 or higher
2 R 2.15.x
3 R 2.14.x
4 Something older.
Edition
1 Standard R (CRAN)
2 Standard R with RStudio
3 Revolution R: Community, EnterpriseWorkstation or Server
4 Something else?Forecasting using R Introduction 10
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Install required packages
install.packages("fpp", dependencies=TRUE)
Forecasting using R Introduction 11
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Getting help with R# Search for termshelp.search("forecasting")
# Detailed helphelp(forecast)
# Worked examplesexample("forecast.ar")
# Similar namesapropos("forecast")
#Help on packagehelp(package="fpp")
Forecasting using R Introduction 12
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Approximate outline
Week Topic Chapter
1 The forecaster’s toolbox 1,22 Seasonality and trends 63 Exponential smoothing 74 Stationarity, transformations
and differencing2,8
5 ARIMA models 86 Time series cross-validation 26 Dynamic regression 9
Forecasting using R Introduction 13
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Assumptions
This is not an introduction to R. I assume youare broadly comfortable with R code and the Renvironment.
This is not a statistics course. I assume you arefamiliar with concepts such as the mean,standard deviation, quantiles, regression,normal distribution, etc.
This is not a theory course. I am not going toderive anything. I will teach you forecastingtools, when to use them and how to use themmost effectively.
Forecasting using R Introduction 14
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Assumptions
This is not an introduction to R. I assume youare broadly comfortable with R code and the Renvironment.
This is not a statistics course. I assume you arefamiliar with concepts such as the mean,standard deviation, quantiles, regression,normal distribution, etc.
This is not a theory course. I am not going toderive anything. I will teach you forecastingtools, when to use them and how to use themmost effectively.
Forecasting using R Introduction 14
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Assumptions
This is not an introduction to R. I assume youare broadly comfortable with R code and the Renvironment.
This is not a statistics course. I assume you arefamiliar with concepts such as the mean,standard deviation, quantiles, regression,normal distribution, etc.
This is not a theory course. I am not going toderive anything. I will teach you forecastingtools, when to use them and how to use themmost effectively.
Forecasting using R Introduction 14
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Outline
1 Introduction
2 Some case studies
3 Time series data
4 Some simple forecasting methods
5 Conclusion
Forecasting using R Some case studies 15
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CASE STUDY 1: Paperware company
Forecasting using R Some case studies 16
Problem: Want forecasts of each ofhundreds of items. Series can bestationary, trended or seasonal. Theycurrently have a large forecastingprogram written in-house but it doesn’tseem to produce sensible forecasts.They want me to tell them what iswrong and fix it.
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CASE STUDY 1: Paperware company
Forecasting using R Some case studies 16
Problem: Want forecasts of each ofhundreds of items. Series can bestationary, trended or seasonal. Theycurrently have a large forecastingprogram written in-house but it doesn’tseem to produce sensible forecasts.They want me to tell them what iswrong and fix it.
Additional informationProgram written in COBOL making numerical calculationslimited. It is not possible to do any optimisation.
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CASE STUDY 1: Paperware company
Forecasting using R Some case studies 16
Problem: Want forecasts of each ofhundreds of items. Series can bestationary, trended or seasonal. Theycurrently have a large forecastingprogram written in-house but it doesn’tseem to produce sensible forecasts.They want me to tell them what iswrong and fix it.
Additional informationProgram written in COBOL making numerical calculationslimited. It is not possible to do any optimisation.Their programmer has little experience in numericalcomputing.
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CASE STUDY 1: Paperware company
Forecasting using R Some case studies 16
Problem: Want forecasts of each ofhundreds of items. Series can bestationary, trended or seasonal. Theycurrently have a large forecastingprogram written in-house but it doesn’tseem to produce sensible forecasts.They want me to tell them what iswrong and fix it.
Additional informationProgram written in COBOL making numerical calculationslimited. It is not possible to do any optimisation.Their programmer has little experience in numericalcomputing.They employ no statisticians and want the program toproduce forecasts automatically.
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CASE STUDY 1: Paperware company
Methods currently used
A 12 month average
C 6 month average
E straight line regression over last 12 months
G straight line regression over last 6 months
H average slope between last year’s and thisyear’s values.(Equivalent to differencing at lag 12 andtaking mean.)
I Same as H except over 6 months.
K I couldn’t understand the explanation.
Forecasting using R Some case studies 17
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CASE STUDY 2: PBS
Forecasting using R Some case studies 18
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CASE STUDY 2: PBS
The Pharmaceutical Benefits Scheme (PBS) isthe Australian government drugs subsidy scheme.
Many drugs bought from pharmacies aresubsidised to allow more equitable access tomodern drugs.
The cost to government is determined by thenumber and types of drugs purchased.Currently nearly 1% of GDP.
The total cost is budgeted based on forecastsof drug usage.
Forecasting using R Some case studies 19
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CASE STUDY 2: PBS
The Pharmaceutical Benefits Scheme (PBS) isthe Australian government drugs subsidy scheme.
Many drugs bought from pharmacies aresubsidised to allow more equitable access tomodern drugs.
The cost to government is determined by thenumber and types of drugs purchased.Currently nearly 1% of GDP.
The total cost is budgeted based on forecastsof drug usage.
Forecasting using R Some case studies 19
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CASE STUDY 2: PBS
The Pharmaceutical Benefits Scheme (PBS) isthe Australian government drugs subsidy scheme.
Many drugs bought from pharmacies aresubsidised to allow more equitable access tomodern drugs.
The cost to government is determined by thenumber and types of drugs purchased.Currently nearly 1% of GDP.
The total cost is budgeted based on forecastsof drug usage.
Forecasting using R Some case studies 19
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CASE STUDY 2: PBS
The Pharmaceutical Benefits Scheme (PBS) isthe Australian government drugs subsidy scheme.
Many drugs bought from pharmacies aresubsidised to allow more equitable access tomodern drugs.
The cost to government is determined by thenumber and types of drugs purchased.Currently nearly 1% of GDP.
The total cost is budgeted based on forecastsof drug usage.
Forecasting using R Some case studies 19
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CASE STUDY 2: PBS
Forecasting using R Some case studies 20
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CASE STUDY 2: PBS
In 2001: $4.5 billion budget, under-forecastedby $800 million.Thousands of products. Seasonal demand.Subject to covert marketing, volatile products,uncontrollable expenditure.Although monthly data available for 10 years,data are aggregated to annual values, and onlythe first three years are used in estimating theforecasts.All forecasts being done with the FORECASTfunction in MS-Excel!
Problem: How to do the forecasting better?
Forecasting using R Some case studies 21
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CASE STUDY 2: PBS
In 2001: $4.5 billion budget, under-forecastedby $800 million.Thousands of products. Seasonal demand.Subject to covert marketing, volatile products,uncontrollable expenditure.Although monthly data available for 10 years,data are aggregated to annual values, and onlythe first three years are used in estimating theforecasts.All forecasts being done with the FORECASTfunction in MS-Excel!
Problem: How to do the forecasting better?
Forecasting using R Some case studies 21
![Page 44: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/44.jpg)
CASE STUDY 2: PBS
In 2001: $4.5 billion budget, under-forecastedby $800 million.Thousands of products. Seasonal demand.Subject to covert marketing, volatile products,uncontrollable expenditure.Although monthly data available for 10 years,data are aggregated to annual values, and onlythe first three years are used in estimating theforecasts.All forecasts being done with the FORECASTfunction in MS-Excel!
Problem: How to do the forecasting better?
Forecasting using R Some case studies 21
![Page 45: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/45.jpg)
CASE STUDY 2: PBS
In 2001: $4.5 billion budget, under-forecastedby $800 million.Thousands of products. Seasonal demand.Subject to covert marketing, volatile products,uncontrollable expenditure.Although monthly data available for 10 years,data are aggregated to annual values, and onlythe first three years are used in estimating theforecasts.All forecasts being done with the FORECASTfunction in MS-Excel!
Problem: How to do the forecasting better?
Forecasting using R Some case studies 21
![Page 46: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/46.jpg)
CASE STUDY 2: PBS
In 2001: $4.5 billion budget, under-forecastedby $800 million.Thousands of products. Seasonal demand.Subject to covert marketing, volatile products,uncontrollable expenditure.Although monthly data available for 10 years,data are aggregated to annual values, and onlythe first three years are used in estimating theforecasts.All forecasts being done with the FORECASTfunction in MS-Excel!
Problem: How to do the forecasting better?
Forecasting using R Some case studies 21
![Page 47: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/47.jpg)
CASE STUDY 2: PBS
In 2001: $4.5 billion budget, under-forecastedby $800 million.Thousands of products. Seasonal demand.Subject to covert marketing, volatile products,uncontrollable expenditure.Although monthly data available for 10 years,data are aggregated to annual values, and onlythe first three years are used in estimating theforecasts.All forecasts being done with the FORECASTfunction in MS-Excel!
Problem: How to do the forecasting better?
Forecasting using R Some case studies 21
![Page 48: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/48.jpg)
CASE STUDY 3: Airline
Forecasting using R Some case studies 22
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CASE STUDY 3: Airline
Forecasting using R Some case studies 23
First class passengers: Melbourne−Sydney
Year
1988 1989 1990 1991 1992 1993
0.0
1.0
2.0
Business class passengers: Melbourne−Sydney
Year
1988 1989 1990 1991 1992 1993
02
46
8
Economy class passengers: Melbourne−Sydney
Year
1988 1989 1990 1991 1992 1993
010
2030
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CASE STUDY 3: Airline
Forecasting using R Some case studies 23
First class passengers: Melbourne−Sydney
Year
1988 1989 1990 1991 1992 1993
0.0
1.0
2.0
Business class passengers: Melbourne−Sydney
Year
1988 1989 1990 1991 1992 1993
02
46
8
Economy class passengers: Melbourne−Sydney
Year
1988 1989 1990 1991 1992 1993
010
2030
Not the real data!Or is it?
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CASE STUDY 3: Airline
Problem: how to forecast passenger traffic onmajor routes.
Additional information
They can provide a large amount of data onprevious routes.
Traffic is affected by school holidays, specialevents such as the Grand Prix, advertisingcampaigns, competition behaviour, etc.
They have a highly capable team of people whoare able to do most of the computing.
Forecasting using R Some case studies 24
![Page 52: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/52.jpg)
CASE STUDY 3: Airline
Problem: how to forecast passenger traffic onmajor routes.
Additional information
They can provide a large amount of data onprevious routes.
Traffic is affected by school holidays, specialevents such as the Grand Prix, advertisingcampaigns, competition behaviour, etc.
They have a highly capable team of people whoare able to do most of the computing.
Forecasting using R Some case studies 24
![Page 53: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/53.jpg)
CASE STUDY 3: Airline
Problem: how to forecast passenger traffic onmajor routes.
Additional information
They can provide a large amount of data onprevious routes.
Traffic is affected by school holidays, specialevents such as the Grand Prix, advertisingcampaigns, competition behaviour, etc.
They have a highly capable team of people whoare able to do most of the computing.
Forecasting using R Some case studies 24
![Page 54: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/54.jpg)
CASE STUDY 3: Airline
Problem: how to forecast passenger traffic onmajor routes.
Additional information
They can provide a large amount of data onprevious routes.
Traffic is affected by school holidays, specialevents such as the Grand Prix, advertisingcampaigns, competition behaviour, etc.
They have a highly capable team of people whoare able to do most of the computing.
Forecasting using R Some case studies 24
![Page 55: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/55.jpg)
Outline
1 Introduction
2 Some case studies
3 Time series data
4 Some simple forecasting methods
5 Conclusion
Forecasting using R Time series data 25
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Time series data
Time series consist of sequences ofobservations collected over time.We will assume the time periods are equallyspaced.
Time series examples
Daily IBM stock pricesMonthly rainfallAnnual Google profitsQuarterly Australian beer production
Forecasting is estimating how the sequenceof observations will continue into the future.
Forecasting using R Time series data 26
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Time series data
Time series consist of sequences ofobservations collected over time.We will assume the time periods are equallyspaced.
Time series examples
Daily IBM stock pricesMonthly rainfallAnnual Google profitsQuarterly Australian beer production
Forecasting is estimating how the sequenceof observations will continue into the future.
Forecasting using R Time series data 26
![Page 58: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/58.jpg)
Time series data
Time series consist of sequences ofobservations collected over time.We will assume the time periods are equallyspaced.
Time series examples
Daily IBM stock pricesMonthly rainfallAnnual Google profitsQuarterly Australian beer production
Forecasting is estimating how the sequenceof observations will continue into the future.
Forecasting using R Time series data 26
![Page 59: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/59.jpg)
Time series data
Time series consist of sequences ofobservations collected over time.We will assume the time periods are equallyspaced.
Time series examples
Daily IBM stock pricesMonthly rainfallAnnual Google profitsQuarterly Australian beer production
Forecasting is estimating how the sequenceof observations will continue into the future.
Forecasting using R Time series data 26
![Page 60: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/60.jpg)
Time series data
Time series consist of sequences ofobservations collected over time.We will assume the time periods are equallyspaced.
Time series examples
Daily IBM stock pricesMonthly rainfallAnnual Google profitsQuarterly Australian beer production
Forecasting is estimating how the sequenceof observations will continue into the future.
Forecasting using R Time series data 26
![Page 61: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/61.jpg)
Time series data
Time series consist of sequences ofobservations collected over time.We will assume the time periods are equallyspaced.
Time series examples
Daily IBM stock pricesMonthly rainfallAnnual Google profitsQuarterly Australian beer production
Forecasting is estimating how the sequenceof observations will continue into the future.
Forecasting using R Time series data 26
![Page 62: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/62.jpg)
Time series data
Time series consist of sequences ofobservations collected over time.We will assume the time periods are equallyspaced.
Time series examples
Daily IBM stock pricesMonthly rainfallAnnual Google profitsQuarterly Australian beer production
Forecasting is estimating how the sequenceof observations will continue into the future.
Forecasting using R Time series data 26
![Page 63: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/63.jpg)
Time series data
Time series consist of sequences ofobservations collected over time.We will assume the time periods are equallyspaced.
Time series examples
Daily IBM stock pricesMonthly rainfallAnnual Google profitsQuarterly Australian beer production
Forecasting is estimating how the sequenceof observations will continue into the future.
Forecasting using R Time series data 26
![Page 64: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/64.jpg)
Australian beer production
Forecasting using R Time series data 27
Year
meg
alite
rs
1995 2000 2005 2010
400
450
500
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Looking for stories
Forecasting using R Time series data 28
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Looking for stories that make sense
Forecasting using R Time series data 29
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Think about what you’re doing
Forecasting using R Time series data 30
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Time series in RAustralian GDPausgdp <- ts(scan("gdp.dat"),frequency=4,
start=1971+2/4)Class: tsPrint and plotting methods available.
> ausgdpQtr1 Qtr2 Qtr3 Qtr4
1971 4612 46511972 4645 4615 4645 47221973 4780 4830 4887 49331974 4921 4875 4867 49051975 4938 4934 4942 49791976 5028 5079 5112 51271977 5130 5101 5072 50691978 5100 5166 5244 53121979 5349 5370 5388 53961980 5388 5403 5442 5482
Forecasting using R Time series data 31
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Time series in RAustralian GDPausgdp <- ts(scan("gdp.dat"),frequency=4,
start=1971+2/4)Class: tsPrint and plotting methods available.
> ausgdpQtr1 Qtr2 Qtr3 Qtr4
1971 4612 46511972 4645 4615 4645 47221973 4780 4830 4887 49331974 4921 4875 4867 49051975 4938 4934 4942 49791976 5028 5079 5112 51271977 5130 5101 5072 50691978 5100 5166 5244 53121979 5349 5370 5388 53961980 5388 5403 5442 5482
Forecasting using R Time series data 31
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Time series in RAustralian GDPausgdp <- ts(scan("gdp.dat"),frequency=4,
start=1971+2/4)Class: tsPrint and plotting methods available.
> ausgdpQtr1 Qtr2 Qtr3 Qtr4
1971 4612 46511972 4645 4615 4645 47221973 4780 4830 4887 49331974 4921 4875 4867 49051975 4938 4934 4942 49791976 5028 5079 5112 51271977 5130 5101 5072 50691978 5100 5166 5244 53121979 5349 5370 5388 53961980 5388 5403 5442 5482
Forecasting using R Time series data 31
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Time series in R
Forecasting using R Time series data 32
Time
ausg
dp
1975 1980 1985 1990 19954500
5000
5500
6000
6500
7000
7500 > plot(ausgdp)
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Time series in R
Residential electricity sales
> elecsalesTime Series:Start = 1989End = 2008Frequency = 1[1] 2354.34 2379.71 2318.52 2468.99 2386.09 2569.47[7] 2575.72 2762.72 2844.50 3000.70 3108.10 3357.50
[13] 3075.70 3180.60 3221.60 3176.20 3430.60 3527.48[19] 3637.89 3655.00
Forecasting using R Time series data 33
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Time series in RMain package used in this course> library(fpp)
Forecasting using R Time series data 34
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Time series in RMain package used in this course> library(fpp)This loads:
some data for use in examples and exercisesforecast package (for forecasting functions)tseries package (for a few time seriesfunctions)fma package (for lots of time series data)expsmooth package (for more time seriesdata)lmtest package (for some regressionfunctions)
Forecasting using R Time series data 34
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Time series in RMain package used in this course> library(fpp)This loads:
some data for use in examples and exercisesforecast package (for forecasting functions)tseries package (for a few time seriesfunctions)fma package (for lots of time series data)expsmooth package (for more time seriesdata)lmtest package (for some regressionfunctions)
Forecasting using R Time series data 34
![Page 76: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/76.jpg)
Time series in RMain package used in this course> library(fpp)This loads:
some data for use in examples and exercisesforecast package (for forecasting functions)tseries package (for a few time seriesfunctions)fma package (for lots of time series data)expsmooth package (for more time seriesdata)lmtest package (for some regressionfunctions)
Forecasting using R Time series data 34
![Page 77: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/77.jpg)
Time series in RMain package used in this course> library(fpp)This loads:
some data for use in examples and exercisesforecast package (for forecasting functions)tseries package (for a few time seriesfunctions)fma package (for lots of time series data)expsmooth package (for more time seriesdata)lmtest package (for some regressionfunctions)
Forecasting using R Time series data 34
![Page 78: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/78.jpg)
Time series in RMain package used in this course> library(fpp)This loads:
some data for use in examples and exercisesforecast package (for forecasting functions)tseries package (for a few time seriesfunctions)fma package (for lots of time series data)expsmooth package (for more time seriesdata)lmtest package (for some regressionfunctions)
Forecasting using R Time series data 34
![Page 79: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/79.jpg)
Time series in RMain package used in this course> library(fpp)This loads:
some data for use in examples and exercisesforecast package (for forecasting functions)tseries package (for a few time seriesfunctions)fma package (for lots of time series data)expsmooth package (for more time seriesdata)lmtest package (for some regressionfunctions)
Forecasting using R Time series data 34
![Page 80: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/80.jpg)
Outline
1 Introduction
2 Some case studies
3 Time series data
4 Some simple forecasting methods
5 Conclusion
Forecasting using R Some simple forecasting methods 35
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Some simple forecasting methods
Forecasting using R Some simple forecasting methods 36
Australian quarterly beer production
meg
alite
rs
1995 2000 2005
400
450
500
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Some simple forecasting methods
Forecasting using R Some simple forecasting methods 36
Australian quarterly beer production
meg
alite
rs
1995 2000 2005
400
450
500
Can you think of any forecasting methods for these data?
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Some simple forecasting methods
Forecasting using R Some simple forecasting methods 37
Number of pigs slaughtered in Victoria
thou
sand
s
1990 1991 1992 1993 1994 1995
8090
100
110
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Some simple forecasting methods
Forecasting using R Some simple forecasting methods 37
Number of pigs slaughtered in Victoria
thou
sand
s
1990 1991 1992 1993 1994 1995
8090
100
110
How would you forecast these data?
![Page 85: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/85.jpg)
Some simple forecasting methods
Forecasting using R Some simple forecasting methods 38
Dow Jones index (daily ending 15 Jul 94)
0 50 100 150 200 250
3600
3700
3800
3900
![Page 86: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/86.jpg)
Some simple forecasting methods
Forecasting using R Some simple forecasting methods 38
Dow Jones index (daily ending 15 Jul 94)
0 50 100 150 200 250
3600
3700
3800
3900
How would you forecast these data?
![Page 87: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/87.jpg)
Some simple forecasting methods
Average method
Forecast of all future values is equal to mean ofhistorical data {y1, . . . , yT}.Forecasts: yT+h|T = y = (y1 + · · ·+ yT)/T
Naïve method (for time series only)
Forecasts equal to last observed value.Forecasts: yT+h|T = yT.Consequence of efficient market hypothesis.
Seasonal naïve method
Forecasts equal to last value from same season.Forecasts: yT+h|T = yT+h−km where m =seasonal period and k = b(h− 1)/mc+1.
Forecasting using R Some simple forecasting methods 39
![Page 88: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/88.jpg)
Some simple forecasting methods
Average method
Forecast of all future values is equal to mean ofhistorical data {y1, . . . , yT}.Forecasts: yT+h|T = y = (y1 + · · ·+ yT)/T
Naïve method (for time series only)
Forecasts equal to last observed value.Forecasts: yT+h|T = yT.Consequence of efficient market hypothesis.
Seasonal naïve method
Forecasts equal to last value from same season.Forecasts: yT+h|T = yT+h−km where m =seasonal period and k = b(h− 1)/mc+1.
Forecasting using R Some simple forecasting methods 39
![Page 89: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/89.jpg)
Some simple forecasting methods
Average method
Forecast of all future values is equal to mean ofhistorical data {y1, . . . , yT}.Forecasts: yT+h|T = y = (y1 + · · ·+ yT)/T
Naïve method (for time series only)
Forecasts equal to last observed value.Forecasts: yT+h|T = yT.Consequence of efficient market hypothesis.
Seasonal naïve method
Forecasts equal to last value from same season.Forecasts: yT+h|T = yT+h−km where m =seasonal period and k = b(h− 1)/mc+1.
Forecasting using R Some simple forecasting methods 39
![Page 90: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/90.jpg)
Some simple forecasting methods
Average method
Forecast of all future values is equal to mean ofhistorical data {y1, . . . , yT}.Forecasts: yT+h|T = y = (y1 + · · ·+ yT)/T
Naïve method (for time series only)
Forecasts equal to last observed value.Forecasts: yT+h|T = yT.Consequence of efficient market hypothesis.
Seasonal naïve method
Forecasts equal to last value from same season.Forecasts: yT+h|T = yT+h−km where m =seasonal period and k = b(h− 1)/mc+1.
Forecasting using R Some simple forecasting methods 39
![Page 91: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/91.jpg)
Some simple forecasting methods
Average method
Forecast of all future values is equal to mean ofhistorical data {y1, . . . , yT}.Forecasts: yT+h|T = y = (y1 + · · ·+ yT)/T
Naïve method (for time series only)
Forecasts equal to last observed value.Forecasts: yT+h|T = yT.Consequence of efficient market hypothesis.
Seasonal naïve method
Forecasts equal to last value from same season.Forecasts: yT+h|T = yT+h−km where m =seasonal period and k = b(h− 1)/mc+1.
Forecasting using R Some simple forecasting methods 39
![Page 92: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/92.jpg)
Some simple forecasting methods
Average method
Forecast of all future values is equal to mean ofhistorical data {y1, . . . , yT}.Forecasts: yT+h|T = y = (y1 + · · ·+ yT)/T
Naïve method (for time series only)
Forecasts equal to last observed value.Forecasts: yT+h|T = yT.Consequence of efficient market hypothesis.
Seasonal naïve method
Forecasts equal to last value from same season.Forecasts: yT+h|T = yT+h−km where m =seasonal period and k = b(h− 1)/mc+1.
Forecasting using R Some simple forecasting methods 39
![Page 93: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/93.jpg)
Some simple forecasting methods
Average method
Forecast of all future values is equal to mean ofhistorical data {y1, . . . , yT}.Forecasts: yT+h|T = y = (y1 + · · ·+ yT)/T
Naïve method (for time series only)
Forecasts equal to last observed value.Forecasts: yT+h|T = yT.Consequence of efficient market hypothesis.
Seasonal naïve method
Forecasts equal to last value from same season.Forecasts: yT+h|T = yT+h−km where m =seasonal period and k = b(h− 1)/mc+1.
Forecasting using R Some simple forecasting methods 39
![Page 94: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/94.jpg)
Some simple forecasting methods
Average method
Forecast of all future values is equal to mean ofhistorical data {y1, . . . , yT}.Forecasts: yT+h|T = y = (y1 + · · ·+ yT)/T
Naïve method (for time series only)
Forecasts equal to last observed value.Forecasts: yT+h|T = yT.Consequence of efficient market hypothesis.
Seasonal naïve method
Forecasts equal to last value from same season.Forecasts: yT+h|T = yT+h−km where m =seasonal period and k = b(h− 1)/mc+1.
Forecasting using R Some simple forecasting methods 39
![Page 95: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/95.jpg)
Some simple forecasting methods
Average method
Forecast of all future values is equal to mean ofhistorical data {y1, . . . , yT}.Forecasts: yT+h|T = y = (y1 + · · ·+ yT)/T
Naïve method (for time series only)
Forecasts equal to last observed value.Forecasts: yT+h|T = yT.Consequence of efficient market hypothesis.
Seasonal naïve method
Forecasts equal to last value from same season.Forecasts: yT+h|T = yT+h−km where m =seasonal period and k = b(h− 1)/mc+1.
Forecasting using R Some simple forecasting methods 39
![Page 96: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/96.jpg)
Some simple forecasting methods
Forecasting using R Some simple forecasting methods 40
Forecasts for quarterly beer production
1995 2000 2005
400
450
500
Which method is which?
![Page 97: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/97.jpg)
Some simple forecasting methods
Forecasting using R Some simple forecasting methods 40
Forecasts for quarterly beer production
1995 2000 2005
400
450
500
Mean methodNaive methodSeasonal naive method
Which method is which?
![Page 98: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/98.jpg)
Drift method
Forecasts equal to last value plus averagechange.
Forecasts:
yT+h|T = yT +h
T − 1
T∑t=2
(yt − yt−1)
= yT +h
T − 1(yT − y1).
Equivalent to extrapolating a line drawnbetween first and last observations.
Forecasting using R Some simple forecasting methods 41
![Page 99: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/99.jpg)
Drift method
Forecasts equal to last value plus averagechange.
Forecasts:
yT+h|T = yT +h
T − 1
T∑t=2
(yt − yt−1)
= yT +h
T − 1(yT − y1).
Equivalent to extrapolating a line drawnbetween first and last observations.
Forecasting using R Some simple forecasting methods 41
![Page 100: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/100.jpg)
Drift method
Forecasts equal to last value plus averagechange.
Forecasts:
yT+h|T = yT +h
T − 1
T∑t=2
(yt − yt−1)
= yT +h
T − 1(yT − y1).
Equivalent to extrapolating a line drawnbetween first and last observations.
Forecasting using R Some simple forecasting methods 41
![Page 101: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/101.jpg)
Some simple forecasting methods
Forecasting using R Some simple forecasting methods 42
Dow Jones Index (daily ending 15 Jul 94)
Day
0 50 100 150 200 250 300
3600
3700
3800
3900
![Page 102: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/102.jpg)
Some simple forecasting methods
Forecasting using R Some simple forecasting methods 42
Dow Jones Index (daily ending 15 Jul 94)
Day
0 50 100 150 200 250 300
3600
3700
3800
3900
Mean methodNaive methodDrift model
![Page 103: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/103.jpg)
Some simple forecasting methods
Mean: meanf(x, h=20)
Naive: naive(x, h=20) or rwf(x, h=20)
Seasonal naive: snaive(x, h=20)
Drift: rwf(x, drift=TRUE, h=20)
Forecasting using R Some simple forecasting methods 43
![Page 104: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/104.jpg)
Some simple forecasting methods
Mean: meanf(x, h=20)
Naive: naive(x, h=20) or rwf(x, h=20)
Seasonal naive: snaive(x, h=20)
Drift: rwf(x, drift=TRUE, h=20)
Forecasting using R Some simple forecasting methods 43
![Page 105: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/105.jpg)
Some simple forecasting methods
Mean: meanf(x, h=20)
Naive: naive(x, h=20) or rwf(x, h=20)
Seasonal naive: snaive(x, h=20)
Drift: rwf(x, drift=TRUE, h=20)
Forecasting using R Some simple forecasting methods 43
![Page 106: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/106.jpg)
Some simple forecasting methods
Mean: meanf(x, h=20)
Naive: naive(x, h=20) or rwf(x, h=20)
Seasonal naive: snaive(x, h=20)
Drift: rwf(x, drift=TRUE, h=20)
Forecasting using R Some simple forecasting methods 43
![Page 107: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/107.jpg)
Outline
1 Introduction
2 Some case studies
3 Time series data
4 Some simple forecasting methods
5 Conclusion
Forecasting using R Conclusion 44
![Page 108: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/108.jpg)
Piazza
You should all have received an invitation tojoin the Piazza course page.
All discussion and distribution of informationoutside of classes will take place there.
Homework available there.
Session slides available there after eachsession.
Please ask questions there.
If you haven’t received an invitation, or arehaving trouble, please ask James to help([email protected]).
Forecasting using R Conclusion 45
![Page 109: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/109.jpg)
Piazza
You should all have received an invitation tojoin the Piazza course page.
All discussion and distribution of informationoutside of classes will take place there.
Homework available there.
Session slides available there after eachsession.
Please ask questions there.
If you haven’t received an invitation, or arehaving trouble, please ask James to help([email protected]).
Forecasting using R Conclusion 45
![Page 110: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/110.jpg)
Piazza
You should all have received an invitation tojoin the Piazza course page.
All discussion and distribution of informationoutside of classes will take place there.
Homework available there.
Session slides available there after eachsession.
Please ask questions there.
If you haven’t received an invitation, or arehaving trouble, please ask James to help([email protected]).
Forecasting using R Conclusion 45
![Page 111: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/111.jpg)
Piazza
You should all have received an invitation tojoin the Piazza course page.
All discussion and distribution of informationoutside of classes will take place there.
Homework available there.
Session slides available there after eachsession.
Please ask questions there.
If you haven’t received an invitation, or arehaving trouble, please ask James to help([email protected]).
Forecasting using R Conclusion 45
![Page 112: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/112.jpg)
Piazza
You should all have received an invitation tojoin the Piazza course page.
All discussion and distribution of informationoutside of classes will take place there.
Homework available there.
Session slides available there after eachsession.
Please ask questions there.
If you haven’t received an invitation, or arehaving trouble, please ask James to help([email protected]).
Forecasting using R Conclusion 45
![Page 113: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/113.jpg)
Piazza
You should all have received an invitation tojoin the Piazza course page.
All discussion and distribution of informationoutside of classes will take place there.
Homework available there.
Session slides available there after eachsession.
Please ask questions there.
If you haven’t received an invitation, or arehaving trouble, please ask James to help([email protected]).
Forecasting using R Conclusion 45
![Page 114: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/114.jpg)
Homework
There will be a homework sheet available foreach session to give you practice with theconcepts introduced.
Please try to do each sheet before the nextsession.
I will post answers on Piazza.
Forecasting using R Conclusion 46
![Page 115: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/115.jpg)
Homework
There will be a homework sheet available foreach session to give you practice with theconcepts introduced.
Please try to do each sheet before the nextsession.
I will post answers on Piazza.
Forecasting using R Conclusion 46
![Page 116: Forecasting using - Rob J Hyndman · PDF fileOTexts.com/fpp/2/3 Forecasting using R 1 Rob J Hyndman. Outline ... for forecasting sales for my company. ... part of my job](https://reader033.vdocuments.mx/reader033/viewer/2022051320/5ab394637f8b9a00728e3704/html5/thumbnails/116.jpg)
Homework
There will be a homework sheet available foreach session to give you practice with theconcepts introduced.
Please try to do each sheet before the nextsession.
I will post answers on Piazza.
Forecasting using R Conclusion 46