Free open-source forecasting using R

Stephan Kolassa, Rob J Hyndman
(2010) Foresight: the International Journal of Applied Forecasting 17, 19-24

Online

Summary

  • R is a free open source statistical computing environment which can be used for forecasting. It is available at www.r-project.org.
  • Advantages of R include its (zero) price, the large number of user-contributed packages, its production-quality graphics and the possibility of extending it by linking fast compiled C/C++/Fortran code.
  • Disadvantages of R include a steep learning curve and a certain slowness when dealing with truly massive amounts of data.
  • R can be used to advantage by forecasters with a technical background who are comfortable with the command line and who may want to use R for additional Business Intelligence analyses and graphics beyond forecasting.