I would like to know that prophet time series model is under the category of neural network or machine learning or deep learning? I want to forecast the price of product depending on other influential factors( 7 indicators) and all the data is monthly data with 15 years period.How can I implement with prophet model to get better accuracy? And i also want to compare the result with other time series model.Please suggest me how should I do about my work.thank you.
T. Aditya Sai Srinivas
Data Preparation: Gather historical data for the price and 7 indicators. Feature Engineering: Preprocess data and create additional relevant features. Model Training: Use Prophet to fit a time series model, specifying input features. Hyperparameter Tuning: Optimize Prophet's parameters for better performance. Evaluation: Assess model performance using metrics like MAE, MSE, RMSE. Comparison: Compare Prophet's performance with other models like ARIMA, SARIMA, or LSTM. Statistical Tests: Use tests to determine significant performance differences. Cross-validation: Validate models to ensure robustness and generalization.
By following these steps, you can effectively forecast product prices and compare model accuracies.
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