Building a Sales Forecasting System with Facebook Prophet
Introduction to Facebook Prophet In the realm of sales forecasting, accuracy is key, but it can be a daunting task, especially when dealing with complex and irregular data. This is where Facebook Prophet comes into play. Developed by Facebook’s research team, Prophet is a powerful and flexible forecasting tool designed to handle the intricacies of real-world data. Why Prophet? Prophet stands out for its ability to decompose time series data into several components such as trend, seasonality, and holidays, and then fit a model to each component. This approach allows Prophet to capture the nuances of your data and make reliable forecasts. It is particularly effective for businesses with irregular demand patterns or frequent deviations from the norm, as well as those influenced by special events like holidays or marketing campaigns. ...