Table 4.
Some Strengths and Weaknesses of the Individual Models.
Model | Strengths | Weaknesses |
---|---|---|
ARIMA | Few parameters, interpretable, short-term forecasts | Requires stationary data, unusual trends. |
Prophet | Outliers, Missing data, Speed, Robust, Powerful, Strong seasonal effects, Long forecasting, Automatic. | No readily known weaknesses |
Holt-Winters ES | Strong and accurate forecasting (short-term), favors recent data samples, requires few data points, straightforward implementation. | Lagged forecasts. |