Data Science - Time Series Forecasting with Facebook Prophet in Python - Prophet: Code Preparation

The video tutorial provides an overview of the Facebook Profit library, highlighting its ease of use and the simplicity of creating models with minimal code. It covers model customization options, data preparation, and fitting processes. The tutorial explains how to make predictions, plot results, and perform cross-validation. It also discusses change point detection and how to evaluate model performance using various metrics.

What is the primary advantage of using Facebook Prophet for time series forecasting?

• It only works with financial data.

• It is highly customizable with complex code.

• It requires no data input.

• It provides quick results with simple function calls.

Which variable is commonly used in Prophet documentation to represent the model object?

• F

• Model

• P

• M

What is the default growth model used in Prophet?

• Polynomial

• Exponential

• Logistic

• Linear

How can you specify holidays in a Prophet model?

• By listing them in a text file

• By passing a specially formatted data frame

• By using a JSON file

• By using a CSV file

What format should the data frame have for fitting a Prophet model?

• Columns named 'DS' and 'Y'

• Columns named 'Date' and 'Value'

• Columns named 'Time' and 'Series'

• Columns named 'X' and 'Y'

What is the purpose of the 'make_future_dataframe' function in Prophet?

• To merge multiple data frames

• To delete old data

• To visualize past data

• To create a data frame with future timestamps for predictions

How does Prophet handle cross-validation differently from other libraries?

• It uses a fixed training set size.

• It allows overlapping predictions with flexible step sizes.

• It does not support cross-validation.

• It requires manual calculation of metrics.

What does the 'cutoff' date represent in Prophet's cross-validation?

• The last date of the dataset

• The date of the first forecast

• The date before the first forecast

• The date of the last forecast

What is the function used to plot change points in Prophet?

• show_changepoints

• add_changepoints_to_plot

• display_changepoints

• plot_changepoints

Which metric is NOT typically used to evaluate Prophet's model performance?

• MSE

• RMSE

• MAPE

• R-squared