Why Non-Stationarity shouldn’t be ignored in Time Series Forecasting?

A series is said to be stationary when the statistical properties (importantly mean, variance and auto-correlation from time series forecasting perspective) of the series is time invariant (i.e. don’t vary with the time). In simpler terms, when observed across any regular time intervals they will remain the same. However, this is a more of an… Read More Why Non-Stationarity shouldn’t be ignored in Time Series Forecasting?

Forecast and Prediction are not inter-changeable

Forecast and Prediction though seemingly synonymous, in literature, in analytics conversation they do possess a considerate difference. Most of the times in a casual manner both of these terms forecast and prediction are used quite interchangeably while referring to value estimates in future with certain probability. In reality, they need to be differentiated and as… Read More Forecast and Prediction are not inter-changeable