Industrial Internet Application Development

Forecasting of time series data points

The forecasting of time series data points is a very common requirement for business needs such as sales and profit. In the IIoT for instance, in the power domain, one of the use cases is to forecast the power generation in future so that it can be used for financial outcomes, and how to meet the targets. In a mining domain, it helps the sales team to forecast the kind of ore that can be extracted over time for trading reasons, so that they can commit to the orders.

There are multiple ways to forecast the time series endpoint based on the use case and nature of the data, variables, and dependencies. In this section, we will discuss the ARIMA model for forecasting the time series data. ARIMA is an acronym ...