Decision Sciences
2 years ago

LSTM outperforms ARIMA in time series forecasting accuracy and efficiency.

A Comparative Study of ARIMA and LSTM in Forecasting Time Series Data
Deddy Gunawan Taslim, I Made Murwantara

Paper Summary

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Forecasting time series data is crucial in economics and business. A study compared ARIMA and LSTM models for this task. ARIMA is commonly used but has limitations, while LSTM shows promise in handling irregular data. The research found that LSTM is more accurate than ARIMA with a shorter dataset, but ARIMA performs better with a longer dataset. Additionally, ARIMA is faster than LSTM in terms of run-time performance.