Facebook has open-sourced its Prophet forecasting tool, designed “to make it easier for experts and non-experts to make high-quality forecasts,” according to a blog post by Sean J. Taylor and Ben Letham in the company’s research team. “Forecasts are customizable in ways that are intuitive to non-experts,” they wrote.
The code is available on GitHub in both Python and R.
Prophet is aimed specifically at business problems such as computer infrastructure capacity planning that have at least several months of data (preferably a year or more) and issues such as seasonality, “holidays” that can affect trends (such as Black Friday and Cyber Monday for retailers), and events that can have significant impacts (such as launching a new website when trying to forecast site traffic). Prophet can also handle some missing values and outliers, the blog post said.