Summary
In this chapter, we touched upon a particular aspect of forecasting that is highly relevant for real-world use cases but rarely talked about and studied. We saw why we needed multi-step forecasting and then went on to review a few popular strategies we can use. We explored the popular and fundamental strategies, such as direct, recursive, and joint, and then went on to look at a few hybrid strategies, such as DirRec, rectify, and so on. Finally, we looked at the merits and demerits of these strategies and discussed a few guidelines for selecting the right strategy for your problem.
In the next chapter, we will look at another important aspect of forecasting—evaluation.
