Data Science Book Review: Forecasting | Data Mining Research


data-science-book-review-forecasting-data-mining-research Data Science Book Review: Forecasting | Data Mining ResearchWhile working on forecasting (understand “time series analysis”) I found several interesting and state of the art articles from Rob J. Hyndman. He is the co-author, with George Athanasopoulos of Forecasting: Principles and Practice. This is an excellent concise and comprehensive text explaining concepts behind forecasting, common algorithms and how to implement them in R (for a business view of forecasting, I advise Future Ready).

The book presents key concepts of forecasting. From judgemental forecasting (which can be useful when you have no or few data) to simple/multiple regression, time series decomposition, exponential smoothing (ETS), ARIMA and a few more advanced topics such as Neural Networks. I would suggest to the author to add Support Vector Regression (SVR) and ensemble learning for the next edition of the book. Each concept of the book is covered through examples with real data. What is most appreciable about the book is how concise and readable it is. Each sentence is useful to understand the described concept, nothing superfluous.

The book contains good overview and schema about each technique and how to set their meta-parameters. The R codes are well presented, concise and easy to implement and test. The book can easily be used to teach forecasting since each chapter contains exercises. In conclusion, Forecasting: Principles and Practice is THE book to learn time series analysis algorithms and how to implement them.

what-could-big-data-mean-for-debt-management-data-mining-research Data Science Book Review: Forecasting | Data Mining Research

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