How accurate are time series forecasting models?

Time series forecasting models aim to predict future values of a variable based on past observations. The accuracy of these models depends on various factors, such as the quality of data, the choice of model, and the forecasting horizon. While some forecasting models can provide accurate predictions over short-term horizons, they may not perform as well over longer horizons due to changes in the patterns and trends of the variable. Moreover, models may perform differently across different data sets and may require regular updates to stay accurate. Therefore, it is essential to evaluate these models' accuracy on a periodic basis and adjust them as new data becomes available.

This mind map was published on 7 June 2023 and has been viewed 91 times.