A Comprehensive Study on Improving Time Series Forecasting Precision

Mattukoyya Suhas Sahay, Sreeja Ganta, Bonu Naga Vamsi Vardhan and Kamisetty Srilakshmi

Seminars in Medical Writing and Education, 2024, vol. 3, .588

Abstract: This paper presents a comprehensive study aimed at enhancing the precision of time series forecasting. The primary objective is to investigate various techniques and methodologies to improve the accuracy of forecasting models, thereby providing valuable insights for practitioners in diverse domains reliant on time series predictions. The methodology encompasses data preprocessing, feature engineering, model selection, parameter tuning, and ensemble methods. Through meticulous analysis and experimentation, key findings reveal the effectiveness of different approaches in enhancing forecasting precision. Notably, our research underscores the significance of proper data preprocessing and feature engineering in achieving superior forecasting accuracy. Moreover, comparative evaluations of diverse forecasting models shed light on their relative performance and suitability across different time series datasets. The conclusions drawn from this study offer practical recommendations for practitioners to adopt strategies that optimize forecasting precision. Additionally, the study identifies avenues for future research, particularly in exploring advanced ensemble techniques and addressing the challenges associated with non-stationary data. Overall, this research contributes to the ongoing discourse on improving time series forecasting accuracy and underscores its importance in decision-making processes across various domains.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:dbk:medicw:v:3:y:2024:i::p:.588:id:.588

DOI: 10.56294/mw2024.588

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