ETS Models: Error-Trend-Seasonality
- Exponential smoothing
- Trend Methods Models
- ETS Decomposition
statsmodels provides a seasonal decomposition tool we can use to separate out the different components (e.g. 7.1. Introduction to Statsmodels Library)
ETS Models will take each components for smoothing by combining these components
Types of models: * Additive: when it seems that the trend is linear and the seasonality and trend components seems to be constante over time * Multiplicative: increasing or decreasing at a nonlinear rate