Detecting Model Drift
Explore how to identify model drift in time series forecasting, including concept drift and data drift. Learn techniques to monitor forecasting errors over time, assess when models become outdated, and understand the importance of retraining models to maintain accuracy.
We'll cover the following...
We'll cover the following...
Understanding model drift
When we create a model and test its accuracy, we measure its performance at a certain moment. Over time, however, things can change, and the model's predictive power may decrease. Model drift is this drop in model performance we can experience due to changes in context. Suppose we want to forecast overall sales for a company, and we create a model based on past data. Many things can change over time—demand, customer behavior, competitors, etc. These ...