Understanding the basics of machine learning
We want to use machine learning for time series forecasting. But before we get started with it, let’s spend some time establishing what machine learning is and setting up a framework to demonstrate what it does (if you are already very comfortable with machine learning, feel free to skip ahead to the next section, Time series forecasting as regression, or just stay with us and refresh the concepts). In 1959, Arthur Samuel defined machine learning as a “field of study that gives computers the ability to learn without being explicitly programmed.” Traditionally, programming has been a paradigm under which we know a set of rules/logic to perform an action, and that action is performed on the given data to get the output that we want. But machine learning flipped this on its head.
In machine learning, we start with data and the output, and we ask the computer to tell us about the rules with which the desired output...