Feature engineering is the process of using domain knowledge of the data to create features that make machine learning algorithms work better. In the context of time series forecasting, this involves transforming the raw time series data into more useful features that can be used to train a forecasting model. This might involve extracting features like the day of the week, the season, or the trend from the time series data, or creating new features by combining or modifying existing features. Feature engineering is an important step in the time series forecasting process, as it can greatly improve the performance of the forecasting model.
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