A utility company wants to predict the demand for electricity for the next week based on historical data. They have data for the past ten years, recorded every hour. Which type of machine learning task is this, and what challenges might they face due to the nature of the data?
- Time Series Forecasting
- Clustering
- Image Recognition
- Reinforcement Learning
This is a Time Series Forecasting task because it involves predicting future values based on historical data recorded at regular intervals. Challenges could include handling seasonality, trends, and outliers within the time series data. Ensuring the right feature selection and model choice is crucial.
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