Technical Question
How to fit a time series model? State all the steps you would follow.

Question

Technical Question

How to fit a time series model? State all the steps you would follow.

Accepted Answer

Fitting a time series forecasting model requires 5 steps . The steps are explained below :

1) Data preparation : Data preparation is usually the first step where we load all the essential packages and data into a time series object.

2) Time series decomposition : Decomposition basically means deconstructing and visualizing the series into its component parts.

3) Modelling : The actual model building is a simple 2-lines code using auto.arima() function. auto.arima will take care of the optimum parameter values, we just need to specify a few boolean parameters.

4) Forecasting : Making an actual forecast is the simplest of all the steps above . We are using forecast() function and passing the model above and specifying the number of time steps into the future we want to forecast.

5) Model evaluation : This is an extra step for model evaluation and accuracy tests .

Top Walmart Data Scientist interview questions & answers

Popular interview questions of Data Scientist

Top HR questions asked in Walmart Data Scientist