Visualizing Predicted and Observed Densities Jointly with Beanplot

Abstract

Beanplot is a graphical method for visualizing univariate distributions. Density forecasts have an important role to play in many applications. Although graphical methods are widely used for illustrating distributions, suitable graphical methods to help for the purposes of analysis and comparison of density forecasters do not exist. This article explains how density forecasts and related observed densities are visualized parallel using beanplots in different groups of data. The visualization method is illustrated with industrial and simulated data. The functionality extends the plotting function of R package beanplot and the developed functions are made available for R programming language.

Keywords:

• Beanplot
• Boxplot
• Density forecast
• Density plot
• GAMLSS
• Probabilistic prediction
• Visualization

Mathematics Subject Classification:

• 62-09
• 62J02
• 62G07