Forecasting Model

How can we forecast any future values given a data set? This is where forecasting models come in. A forecasting model predicts future values based on previous data. For our example, we will use the dataset AirPassengers. This shows the number of air passengers per month from 1949 to 1960. The data comes as a series with the date (year-month-date) as its index. Can we predict the number of air passengers in the future? We will be using the packages pandas and StatsForecast to forecast our model. Pandas are used to manipulate and transform the data while StatsForecast has an extensive library of models that can forecast a time series.