Baselines
Learn some of the main baselines used for time series data and how to calculate them.
We'll cover the following
Overview
Baselines are important so that we can have something to compare our models to. Imagine we put a lot of work into creating an
So, to evaluate our model's performance, we compare it to a benchmark, which is our baseline. If our model does worse than this, it's probably not a good model.
Simple average
As the name suggests, simple average means just forecasting the mean value for every point in time. If our data has no trend, this might be a good baseline. The formula to calculate the mean is:
Get hands-on with 1200+ tech skills courses.