Time Series Forecasting Principles with Amazon Forecast
Time Series Forecasting Principles with Amazon Forecast
Technical Guide
First Published February 2020 Updated September 1, 2021
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Contents
About this guide...................................................................................................................5 Overview ..............................................................................................................................6 About forecasting.................................................................................................................6
Forecasting system ..........................................................................................................7 Where do forecasting problems occur?...........................................................................7 Considerations before attempting to solve a forecasting problem .................................8 Case study: Retail demand forecasting problem for an e-commerce business ................9 Step 1: Collect and aggregate data ..................................................................................11 Example .......................................................................................................................... 13 Step 2. Prepare data .........................................................................................................14 How to handle missing data...........................................................................................14 Example 1.......................................................................................................................15 Example 2.......................................................................................................................17 Concepts of featurization and related time series.........................................................17
Example 3...................T...h...i.s....v..e...r..s..i..o...n....h...a...s...b...e...e..n.....a..r..c...h...i.v...e...d.................................18
Step 3: Create a predictor .................................................................................................19 Step 4: Evaluate predictors ...............................................................................................21
Backtesting .....F...o...r...t..h...e....l.a...t.e...s..t...v...e..r..s..i..o..n.....o...f...t..h..i..s...d...o...c..u...m....e...n...t..,..v...i.s..i.t..:..............21
Prediction quantiles and accuracy metrics ....................................................................23 Weighted Quantile Loss (wQL) ................................................................................. 23
Weighted Atbimsoelu-tseePreiercse-nftoargeecEarsrtoirn(gW-ApPrEin) c..i..p..l..e..s..-..w...i.t..h...-.a...m....a..z..o...n..-................. 24 Root MeanfSoqreuacraesEt/rrtoimr (ReM-sSeEri)e..s..-..f.o...r..e..c..a..s..t..i.n...g..-..p...r..i.n..c...i.p..l..e..s..-..w...i..t.h...-................ 24 Problems with WAPE and RMaSmE .a..z..o...n..-..f..o..r..e..c..a...s..t....h..t..m....l............................................25
Step 5: Generate and use forecasts for decision making ................................................26 Probabilistic forecasts ....................................................................................................26
Visualization ...................................................................................................................27 Summary of forecasting workflow and APIs .....................................................................28
Using Amazon Forecast for common scenarios ...........................................................29 Implementing Forecast into production .........................................................................30 Conclusion .........................................................................................................................31 Contributors .......................................................................................................................32 Further reading ..................................................................................................................32 Appendix A: FAQs .............................................................................................................33 Appendix B: References....................................................................................................36 Document versions............................................................................................................37
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About this guide
Companies today use everything from simple spreadsheets to complex financial planning software in a bid to accurately forecast future business outcomes such as product demand, resource needs, and financial performance. This paper introduces forecasting, its terminology, challenges, and use cases. This document uses a case study to reinforce forecasting concepts, forecasting steps, and references how Amazon Forecast can help solve the many practical challenges in real-world forecasting problems.
This version has been archived.
For the latest version of this document, visit:
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