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Probabilistic Time Series Forecasting
Learn about Probabilistic Time Series Forecasting, its key techniques, real-world applications, and advantages over traditional forecasting methods. - Protik49/Probabilistic-Time-Series-Forecasting
Rather than generating single-point forecasts, modern probabilistic methods provide complete probability distributions of possible outcomes, thus enabling more nuanced and reliable decision-making processes. Unlike traditional methods that focus on single-point estimates, probabilistic forecasting acknowledges and quantifies the inherent uncertainty in future predictions. Bayesian methods form the theoretical backbone of many probabilistic forecasting approaches, offering a natural framework for updating beliefs as new data becomes available.
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