Exploring a milk production Time Series
Time series models are used in a wide range of applications, particularly for forecasting, which is the goal of this example, performed in four steps:
– Explore the characteristics of the time series data.
– Decompose the time series into trend, seasonal components, and remainder components.
– Apply time series models.
– Forecast the production for a 12 month period.
Part I of this mini-series explored the basic terms of time series analysis.
Load and clean the data
The dataset is the production amount of several diary products in California, month by month, for 18 years.
Our goal: forecast the next year production for one of those products: milk.
You can follow along with the associated notebook in GitHub. Continue reading “Introduction to time series – Part II: an example”