Search results for: demand forecast updating

Authors: Timothy J. Considine, Edward J. M. Manderson

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This paper develops an econometric forecasting system of energy demand coupled with engineering-economic models of energy supply. The framework is used to quantify the impact of state-level renewable portfolio standards (RPSs) achieved predominately with solar generation on electricity rates, electricity consumption, and environmental quality. We perform the analysis using Arizona’s RPS as a case study. We forecast energy demand in Arizona out to 2035, and find by this time the state will require an additional 35 million MWh of electricity generation. If Arizona implements its RPS when supplying this electricity demand, we find there will be a substantial increase in electricity rates (relative to a business-as-usual scenario of reliance on gas-fired generation). Extending the current regime of tax credits can greatly reduce this increase, at the taxpayers’ expense. We find that by 2025 Arizona’s RPS will implicitly abate carbon dioxide emissions at a cost between $101 and $135 per metric ton, and by 2035 abatement costs are between $64 and $112 per metric ton (depending on the future evolution of nature gas prices).

Keywords: electricity demand, renewable portfolio standard, solar, carbon dioxide

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Authors: Migael van Zyl, Stefanie Visser, Awelani Phaswana

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The electricity landscape in South Africa is characterized by frequent occurrences of loadshedding, a measure implemented by Eskom to manage electricity generation shortages by curtailing demand. Loadshedding, classified into stages ranging from 1 to 8 based on severity, involves the systematic rotation of power cuts across municipalities according to predefined schedules. However, this practice introduces distortions in recorded electricity demand, posing challenges to accurate forecasting essential for budgeting, network planning, and generation scheduling. Addressing this challenge requires the development of a methodology to quantify the impact of loadshedding and integrate it back into metered electricity demand data. Fortunately, comprehensive records of loadshedding impacts are maintained in a database, enabling the alignment of Loadshedding effects with hourly demand data. This adjustment ensures that forecasts accurately reflect true demand patterns, independent of loadshedding's influence, thereby enhancing the reliability of electricity supply management in South Africa. This paper presents a methodology for determining the hourly impact of load scheduling and subsequently adjusting historical demand data to account for it. Furthermore, two forecasting models are developed: one utilizing the original dataset and the other using the adjusted data. A comparative analysis is conducted to evaluate forecast accuracy improvements resulting from the adjustment process. By implementing this methodology, stakeholders can make more informed decisions regarding electricity infrastructure investments, resource allocation, and operational planning, contributing to the overall stability and efficiency of South Africa's electricity supply system.

Keywords: electricity demand forecasting, load shedding, demand side management, data science

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Authors: Saba Ebrahimi, Saeed Ahmadian, Hedie Ashrafi

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World-wide spread of coronavirus grows the concern about planning for the excess demand of hospital services in response to COVID-19 pandemic. The surge in the hospital services demand beyond the current capacity leads to shortage of ICU beds and ventilators in some parts of US. In this study, we forecast the required number of hospital beds and possible shortage of beds in US during COVID-19 pandemic to be used in the planning and hospitalization of new cases. In this paper, we used a data on COVID-19 deaths and patients’ hospitalization besides the data on hospital capacities and utilization in US from publicly available sources and national government websites. we used a novel ensemble modelling of deep learning networks, based on stacking different linear and non-linear layers to predict the shortage in hospital beds. The results showed that our proposed approach can predict the excess hospital beds demand very well and this can be helpful in developing strategies and plans to mitigate this gap.

Keywords: COVID-19, deep learning, ensembled models, hospital capacity planning

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Authors: Guoyu Lin

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This paper explores the role investor sentiment plays in the relationship between analyst forecast dispersion and stock returns. With short sale constraints, stock prices are determined by the optimistic investors. During the high sentiment periods when investors suffer more from psychological bias, there are more optimistic investors. This is the first paper to document that following the high sentiment periods, stocks with the most analyst forecast dispersion are overpriced, earning significantly negative returns, while those with the least analyst forecast dispersion are not overpriced as the degree of belief dispersion is low. However, following the low sentiment periods, both are not overpriced. A portfolio which longs the least dispersed stocks and shorts the most dispersed stocks yields significantly positive returns only following the high sentiment periods. My findings can potentially reconcile the puzzling risk effect and mispricing effect in the literature. The risk (mispricing) effect suggests a positive (negative) relation between analyst forecast dispersion and future stock returns. Presumably, the magnitude of the mispricing effect depends on the proportion of irrational investors and their bias, which is positively related to investor sentiment. During the high sentiment period, the mispricing effect takes over and the overall effect is negative. During the low sentiment period, the percentage of irrational investors is mediate, and the mispricing effect and the risk effect counter each other, leading to insignificant relation.

Keywords: analyst forecast dispersion, short-sale constraints, investor sentiment, stock returns

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Authors: Min Wei

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The traditional prediction methods of the forecast for tourism market are paid more attention to the accuracy of the forecasts, ignoring the results of the feasibility of forecasting and predicting operability, which had made it difficult to predict the results of scientific testing. With the application of Linear Regression Model, this paper attempts to construct a scientific evaluation system for predictive value, both to ensure the accuracy, stability of the predicted value, and to ensure the feasibility of forecasting and predicting the results of operation. The findings show is that a scientific evaluation system can implement the scientific concept of development, the harmonious development of man and nature co-ordinate.

Keywords: linear regression model, tourism market, forecast, tourism economics

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Authors: Pooja Mishra, Chris Pollett

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This paper explores efficient ways to implement various media-updating features like news aggregation, video conversion, and bulk email handling. All of these jobs share the property that they are periodic in nature, and they all benefit from being handled in a distributed fashion. The data for these jobs also often comes from a social or collaborative source. We isolate the class of periodic, one round map reduce jobs as a useful setting to describe and handle media updating tasks. As such tasks are simpler than general map reduce jobs, programming them in a general map reduce platform could easily become tedious. This paper presents a MediaUpdater module of the Yioop Open Source Search Engine Web Portal designed to handle such jobs via an extension of a PHP class. We describe how to implement various media-updating tasks in our system as well as experiments carried out using these implementations on an Amazon Web Services cluster.

Keywords: distributed jobs framework, news aggregation, video conversion, email

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Authors: Anupam Purwar

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In conventional consumer product industry, stockouts are taken care by carrying buffer stock to check underserving caused by changes in customer demand, incorrect forecast or variability in lead times. But, for food outlets, the alternate of carrying buffer stock is unviable because of indispensable need to serve freshly cooked meals. Besides, the food outlet being the sole provider has no incentives to reduce stockouts, as they have no fear of losing revenue, gross profit, customers and market share. Hence, innovative, easy to implement and practical ways of addressing the twin problem of long queues and poor customer experience needs to be investigated. Current work analyses the demand pattern of 11 different food items across a routine day. Based on this optimum resource allocation for all food items has been carried out by solving a linear programming problem with cost minimization as the objective. Concurrently, recommendations have been devised to address this demand and supply side problem keeping in mind their practicability. Currently, the recommendations are being discussed and implemented at ISB (Indian School of Business) Hyderabad campus.

Keywords: F&B industry, resource allocation, demand management, linear programming, LP, queuing analysis

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Authors: F. Massri, M. Shkarneh, B. Almassri

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Water scarcity and increasing water demand especially for residential use are major challenges facing Palestine. The need to accurately forecast water consumption is useful for the planning and management of this natural resource. The main objective of this paper is to (i) study the major factors influencing the water consumption in Palestine, (ii) understand the general pattern of Household water consumption, (iii) assess the possible changes in household water consumption and suggest appropriate remedies and (iv) develop prediction model based on the Artificial Neural Network to the water consumption in Palestinian cities. The paper is organized in four parts. The first part includes literature review of household water consumption studies. The second part concerns data collection methodology, conceptual frame work for the household water consumption surveys, survey descriptions and data processing methods. The third part presents descriptive statistics, multiple regression and analysis of the water consumption in the two Palestinian cities. The final part develops the use of Artificial Neural Network for modeling the water consumption in Palestinian cities.

Keywords: water management, demand forecasting, consumption, ANN, Ramallah

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Authors: Kelemewerk Destalem, Joongjae Cho, Jaeseong Lee, Ju H. Park, Joonhyuk Yoo

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Background subtraction and temporal difference are often used for moving object detection in video. Both approaches are computationally simple and easy to be deployed in real-time image processing. However, while the background subtraction is highly sensitive to dynamic background and illumination changes, the temporal difference approach is poor at extracting relevant pixels of the moving object and at detecting the stopped or slowly moving objects in the scene. In this paper, we propose a moving object detection scheme based on adaptive background subtraction and temporal difference exploiting dynamic background updates. The proposed technique consists of a histogram equalization, a linear combination of background and temporal difference, followed by the novel frame-based and pixel-based background updating techniques. Finally, morphological operations are applied to the output images. Experimental results show that the proposed algorithm can solve the drawbacks of both background subtraction and temporal difference methods and can provide better performance than that of each method.

Keywords: background subtraction, background updating, real time, light weight algorithm, temporal difference

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Authors: Fatemeh Rouhi, Hadi Nassiri

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Earning forecast is a key element in economic decisions but there are some situations, such as conflicts of interest in financial reporting, complexity and lack of direct access to information has led to the phenomenon of information asymmetry among individuals within the organization and external investors and creditors that appear. The adverse selection and moral hazard in the investor's decision and allows direct assessment of the difficulties associated with data by users makes. In this regard, the role of trustees in corporate governance disclosure is crystallized that includes controls and procedures to ensure the lack of movement in the interests of the company's management and move in the direction of maximizing shareholder and company value. Therefore, the earning forecast of companies in the capital market and the need to identify factors influencing this study was an attempt to make relationship between moral hazard and corporate governance with earning forecast quality companies operating in the capital market and its impact on Earnings Forecasts quality by the company to be established. Getting inspiring from the theoretical basis of research, two main hypotheses and sub-hypotheses are presented in this study, which have been examined on the basis of available models, and with the use of Panel-Data method, and at the end, the conclusion has been made at the assurance level of 95% according to the meaningfulness of the model and each independent variable. In examining the models, firstly, Chow Test was used to specify either Panel Data method should be used or Pooled method. Following that Housman Test was applied to make use of Random Effects or Fixed Effects. Findings of the study show because most of the variables are positively associated with moral hazard with earnings forecasts quality, with increasing moral hazard, earning forecast quality companies listed on the Tehran Stock Exchange is increasing. Among the variables related to corporate governance, board independence variables have a significant relationship with earnings forecast accuracy and earnings forecast bias but the relationship between board size and earnings forecast quality is not statistically significant.

Keywords: corporate governance, earning forecast quality, moral hazard, financial sciences

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Authors: Juliana Barcelos Cordeiro, Khashayar Mahani, Farbod Farzan, Mohsen A. Jafari

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Energy disaggregation has been focused by many energy companies since energy efficiency can be achieved when the breakdown of energy consumption is known. Companies have been investing in technologies to come up with software and/or hardware solutions that can provide this type of information to the consumer. On the other hand, not all people can afford to have these technologies. Therefore, in this paper, we present a methodology for breaking down the aggregate consumption and identifying the highdemanding end-uses profiles. These energy profiles will be used to build the forecast model for optimal control purpose. A facility with high cooling load is used as an illustrative case study to demonstrate the results of proposed methodology. We apply a high level energy disaggregation through a pattern recognition approach in order to extract the consumption profile of its rooftop packaged units (RTUs) and present a forecast model for the energy consumption.  

Keywords: energy consumption forecasting, energy efficiency, load disaggregation, pattern recognition approach

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Authors: Yeliz Ekinci, Melis Koyuncu

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Successful planning of solid waste management systems requires successful prediction of the amount of solid waste generated in an area. Waste management planning can protect the environment and human health, hence it is tremendously important for countries. The lack of information in waste generation can cause many environmental and health problems. Turkey is a country that plans to join European Union, hence, solid waste management is one of the most significant criteria that should be handled in order to be a part of this community. Solid waste management system requires a good forecast of solid waste generation. Thus, this study aims to forecast solid waste generation in Turkey. Artificial Neural Network and Linear Regression models will be used for this aim. Many models will be run and the best one will be selected based on some predetermined performance measures.

Keywords: forecast, solid waste generation, solid waste management, Turkey

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Authors: Oscar Javier Herrera, Manuel Angel Camacho

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This paper addresses a cutting edge method of business demand forecasting, based on an empirical probability function when the historical behavior of the data is random. Additionally, it presents error determination based on the numerical method technique ‘propagation of errors’. The methodology was conducted characterization and process diagnostics demand planning as part of the production management, then new ways to predict its value through techniques of probability and to calculate their mistake investigated, it was tools used numerical methods. All this based on the behavior of the data. This analysis was determined considering the specific business circumstances of a company in the sector of communications, located in the city of Bogota, Colombia. In conclusion, using this application it was possible to obtain the adequate stock of the products required by the company to provide its services, helping the company reduce its service time, increase the client satisfaction rate, reduce stock which has not been in rotation for a long time, code its inventory, and plan reorder points for the replenishment of stock.

Keywords: demand forecasting, empirical distribution, propagation of error, Bogota

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Authors: Ahmad Awajan, Sadam Al Wadi

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In this study, a hybrid method based on Empirical Mode Decomposition and Holt-Winter (EMD-HW) is used to forecast Amman stock market data. First, the data are decomposed by EMD method into Intrinsic Mode Functions (IMFs) and residual components. Then, all components are forecasted by HW technique. Finally, forecasting values are aggregated together to get the forecasting value of stock market data. Empirical results showed that the EMD- HW outperform individual forecasting models. The strength of this EMD-HW lies in its ability to forecast non-stationary and non- linear time series without a need to use any transformation method. Moreover, EMD-HW has a relatively high accuracy comparing with eight existing forecasting methods based on the five forecast error measures.

Keywords: Holt-Winter method, empirical mode decomposition, forecasting, time series

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Authors: Wiwat Kittinaraporn, Napat Harnpornchai, Sutja Boonyachut

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This paper deals with the application of a novel neural network technique, so-called Support Vector Machine (SVM). The objective of this study is to explore the variable and parameter of forecasting factors in the construction industry to build up forecasting model for construction quantity in Thailand. The scope of the research is to study the non-residential construction quantity in Thailand. There are 44 sets of yearly data available, ranging from 1965 to 2009. The correlation between economic indicators and construction demand with the lag of one year was developed by Apichat Buakla. The selected variables are used to develop SVM models to forecast the non-residential construction quantity in Thailand. The parameters are selected by using ten-fold cross-validation method. The results are indicated in term of Mean Absolute Percentage Error (MAPE). The MAPE value for the non-residential construction quantity predicted by Epsilon-SVR in corporation with Radial Basis Function (RBF) of kernel function type is 5.90. Analysis of the experimental results show that the support vector machine modelling technique can be applied to forecast construction quantity time series which is useful for decision planning and management purpose.

Keywords: forecasting, non-residential, construction, support vector machines

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Authors: Amin AminiKhafri, James M. Dawson-Edwards, Ryan M. Simpson, Simaan M. AbouRizk

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Earned value management (EVM) has been introduced as an integrated method to combine schedule, budget, and work breakdown structure (WBS). EVM provides various indices to demonstrate project performance including the cost performance index (CPI). CPI is also used to forecast final project cost at completion based on the cost performance during the project execution. Knowing the final project cost during execution can initiate corrective actions, which can enhance project outputs. CPI, however, is not constant during the project, and calculating the final project cost using a variable index is an inaccurate and challenging task for practitioners. Since CPI is based on the cumulative progress values and because of the learning curve effect, CPI variation dampens and stabilizes as project progress. Although various definitions for the CPI stability have been proposed in literature, many scholars have agreed upon the definition that considers a project as stable if the CPI at 20% completion varies less than 0.1 from the final CPI. While 20% completion point is recognized as the stability point for military development projects, construction projects stability have not been studied. In the current study, an empirical study was first conducted using construction project data to determine the stability point for construction projects. Early findings have demonstrated that a majority of construction projects stabilize towards completion (i.e., after 70% completion point). To investigate the effect of CPI stability on cost forecast accuracy, the correlation between CPI stability and project cost at completion forecast accuracy was also investigated. It was determined that as projects progress closer towards completion, variation of the CPI decreases and final project cost forecast accuracy increases. Most projects were found to have 90% accuracy in the final cost forecast at 70% completion point, which is inlined with findings from the CPI stability findings. It can be concluded that early stabilization of the project CPI results in more accurate cost at completion forecasts.

Keywords: cost performance index, earned value management, empirical study, final project cost

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Authors: Roien Qiam, Shoshi Mizokami

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Parking demand in the Central Business District (CBD) has enlarged with the increase of the number of private vehicles due to rapid economic growth, lack of an efficient public transport and traffic management system. This has resulted in low mobility, poor accessibility, serious congestion, high rates of traffic accident fatalities and injuries and air pollution, mainly because people have to drive slowly around to find a vacant spot. With parking pricing and enforcement policy, considerable advancement could be found, and on-street parking spaces could be managed efficiently and effectively. To evaluate parking demand and making parking policy, it is required to understand the current parking condition and driver’s behavior, understand how drivers choose their parking type and location as well as their behavior toward finding a vacant parking spot under parking charges and search times. This study illustrates the result from an observational, revealed and stated preference surveys and experiment. Attained data shows that there is a gap between supply and demand in parking and it has maximized. For the modeling of the parking decision, a choice model was constructed based on discrete choice modeling theory and multinomial logit model estimated by using SP survey data; the model represents the choice of an alternative among different alternatives which are priced on-street, off-street, and illegal parking. Individuals choose a parking type based on their preference concerning parking charges, searching times, access times and waiting times. The parking assignment model was obtained directly from behavioral model and is used in parking simulation. The study concludes with an evaluation of parking policy.

Keywords: CBD, parking demand forecast, parking policy, parking choice model

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Authors: Eyosiyas Aga

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The development of information communication technology has transformed the paper-based mapping and land registration processes to a computerized and networked system. The computerization and networking of real property information system play a vital role in good governance and sustainable development of emerging countries through cost effective, easy and accessible service delivery for the customer. The efficient, transparent and sustainable real property system is becoming the basic infrastructure for the urban development thus improve the data management system and service delivery in the organizations. In Ethiopia, the real property administration is paper based as a result, it confronted problems of data management, illegal transactions, corruptions, and poor service delivery. In order to solve this problem and to facilitate real property market, the implementation of web-based real property updating system is crucial. A web-based real property updating is one of the automation (computerizations) methods to facilitate data sharing, reduce time and cost of the service delivery in real property administration system. In additions, it is useful for the integration of data onto different information systems and organizations. This system is designed by combining open source software which supported by open Geo-spatial consortium. The web-based system is mainly designed by using open source software with the help of open Geo-spatial Consortium. The Open Geo-spatial Consortium standards such as the Web Feature Service and Web Map Services are the most widely used standards to support and improves web-based real property updating. These features allow the integration of data from different sources, and it can be used to maintain consistency of data throughout transactions. The PostgreSQL and Geoserver are used to manage and connect a real property data to the flex viewer and user interface. The system is designed for both internal updating system (municipality); which is mainly updating of spatial and textual information, and the external system (customer) which focus on providing and interacting with the customer. This research assessed the potential of open source web applications and adopted this technology for real property updating system in Ethiopia through simple, cost effective and secured way. The system is designed by combining and customizing open source software to enhance the efficiency of the system in cost effective way. The existing workflow for real property updating is analyzed to identify the bottlenecks, and the new workflow is designed for the system. The requirement is identified through questionnaire and literature review, and the system is prototype for the study area. The research mainly aimed to integrate human resource with technology in designing of the system to reduce data inconsistency and security problems. In additions, the research reflects on the current situation of real property administration and contributions of effective data management system for efficient, transparent and sustainable urban development in Ethiopia.

Keywords: cadaster, real property, sustainable, transparency, web feature service, web map service

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Authors: Amin Salighehdar, Ziwen Ye, Mingzhe Liu, Ionut Florescu, Alan F. Blumberg

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Storm surge is an abnormal water level caused by a storm. Accurate prediction of a storm surge is a challenging problem. Researchers developed various ensemble modeling techniques to combine several individual forecasts to produce an overall presumably better forecast. There exist some simple ensemble modeling techniques in literature. For instance, Model Output Statistics (MOS), and running mean-bias removal are widely used techniques in storm surge prediction domain. However, these methods have some drawbacks. For instance, MOS is based on multiple linear regression and it needs a long period of training data. To overcome the shortcomings of these simple methods, researchers propose some advanced methods. For instance, ENSURF (Ensemble SURge Forecast) is a multi-model application for sea level forecast. This application creates a better forecast of sea level using a combination of several instances of the Bayesian Model Averaging (BMA). An ensemble dressing method is based on identifying best member forecast and using it for prediction. Our contribution in this paper can be summarized as follows. First, we investigate whether the ensemble models perform better than any single forecast. Therefore, we need to identify the single best forecast. We present a methodology based on a simple Bayesian selection method to select the best single forecast. Second, we present several new and simple ways to construct ensemble models. We use correlation and standard deviation as weights in combining different forecast models. Third, we use these ensembles and compare with several existing models in literature to forecast storm surge level. We then investigate whether developing a complex ensemble model is indeed needed. To achieve this goal, we use a simple average (one of the simplest and widely used ensemble model) as benchmark. Predicting the peak level of Surge during a storm as well as the precise time at which this peak level takes place is crucial, thus we develop a statistical platform to compare the performance of various ensemble methods. This statistical analysis is based on root mean square error of the ensemble forecast during the testing period and on the magnitude and timing of the forecasted peak surge compared to the actual time and peak. In this work, we analyze four hurricanes: hurricanes Irene and Lee in 2011, hurricane Sandy in 2012, and hurricane Joaquin in 2015. Since hurricane Irene developed at the end of August 2011 and hurricane Lee started just after Irene at the beginning of September 2011, in this study we consider them as a single contiguous hurricane event. The data set used for this study is generated by the New York Harbor Observing and Prediction System (NYHOPS). We find that even the simplest possible way of creating an ensemble produces results superior to any single forecast. We also show that the ensemble models we propose generally have better performance compared to the simple average ensemble technique.

Keywords: Bayesian learning, ensemble model, statistical analysis, storm surge prediction

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Authors: Karim Hamidi Machekposhti, Hossein Sedghi

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This study was designed to find the best stochastic model (using of time series analysis) for annual extreme streamflow (peak and maximum streamflow) of Karkheh River at Iran. The Auto-regressive Integrated Moving Average (ARIMA) model used to simulate these series and forecast those in future. For the analysis, annual extreme streamflow data of Jelogir Majin station (above of Karkheh dam reservoir) for the years 1958–2005 were used. A visual inspection of the time plot gives a little increasing trend; therefore, series is not stationary. The stationarity observed in Auto-Correlation Function (ACF) and Partial Auto-Correlation Function (PACF) plots of annual extreme streamflow was removed using first order differencing (d=1) in order to the development of the ARIMA model. Interestingly, the ARIMA(4,1,1) model developed was found to be most suitable for simulating annual extreme streamflow for Karkheh River. The model was found to be appropriate to forecast ten years of annual extreme streamflow and assist decision makers to establish priorities for water demand. The Statistical Analysis System (SAS) and Statistical Package for the Social Sciences (SPSS) codes were used to determinate of the best model for this series.

Keywords: stochastic models, ARIMA, extreme streamflow, Karkheh river

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Authors: Srinivas Vangari

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With the technological advancements around the globe, artificial intelligence (AI) has boosted supply chain management (SCM) by improving efficiency, sensitivity, and promptness. Artificial intelligence-based SCM provides comprehensive perceptions of consumer behavior in dynamic market situations and trends, foreseeing the accurate demand. It reduces overproduction and stockouts while optimizing production planning and streamlining operations. Consequently, the AI-driven SCM produces a customer-centric supply with resilient and robust operations. Intending to delve into the transformative significance of AI in SCM, this study focuses on improving efficiency in SCM with the integration of AI, understanding the production demand, accurate forecasting, and particular production planning. The study employs a mixed-method approach and expert survey insights to explore the challenges and benefits of AI applications in SCM. Further, a case analysis is incorporated to identify the best practices and potential challenges with the critical success features in AI-driven SCM. Key findings of the study indicate the significant advantages of the AI-integrated SCM, including optimized inventory management, improved transportation and logistics management, cost optimization, and advanced decision-making, positioning AI as a pivotal force in the future of supply chain management.

Keywords: artificial intelligence, supply chain management, accurate forecast, accurate planning of production, understanding demand

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Authors: Yen Chia-Ju, Cheng Ding-Ruei

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This study took case office building as subject and explored the responsive work order repair request of facilities and equipment in offices and public areas by gray theory, with the purpose of providing for future related office building owners, executive managers, property management companies, mechanical and electrical companies as reference for deciding and assessing forecast model. Important conclusions of this study are summarized as follows according to the study findings: 1. Grey Relational Analysis discusses the importance of facilities repair number of six categories, namely, power systems, building systems, water systems, air conditioning systems, fire systems and manpower dispatch in order. In terms of facilities maintenance importance are power systems, building systems, water systems, air conditioning systems, manpower dispatch and fire systems in order. 2. GM (1,N) and regression method took maintenance hours as dependent variables and repair number, leased area and tenants number as independent variables and conducted single month forecast based on 12 data from January to December 2011. The mean absolute error and average accuracy of GM (1,N) from verification results were 6.41% and 93.59%; the mean absolute error and average accuracy of regression model were 4.66% and 95.34%, indicating that they have highly accurate forecast capability.

Keywords: rey theory, forecast model, Taipei 101, office buildings, property management, facilities, equipment

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Authors: Matteo Bonaventura, Giancarlo Giudici

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This paper analyses the valuation process of companies listed on the Italian Exchange in the period 2000-2009 at their Initial Public Offering (IPO). One the most common valuation techniques declared in the IPO prospectus to determine the offer price is the Discounted Cash Flow (DCF) method. We develop a ‘reverse engineering’ model to discover the short term profitability implied in the offer prices. We show that there is a significant optimistic bias in the estimation of future profitability compared to ex-post actual realization and the mean forecast error is substantially large. Yet we show that such error characterizes also the estimations carried out by analysts evaluating non-IPO companies. The forecast error is larger the faster has been the recent growth of the company, the higher is the leverage of the IPO firm, the more companies issued equity on the market. IPO companies generally exhibit better operating performance before the listing, with respect to comparable listed companies, while after the flotation they do not perform significantly different in term of return on invested capital. Pre-IPO book building activity plays a significant role in partially reducing the forecast error and revising expectations, while the market price of the first day of trading does not contain information for further reducing forecast errors.

Keywords: initial public offerings, DCF, book building, post-IPO profitability drop

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Authors: Josip Vasilj, Petar Sarajcev, Damir Jakus

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One of the major difficulties introduced with wind power penetration is the inherent uncertainty in production originating from uncertain wind conditions. This uncertainty impacts many different aspects of power system operation, especially the balancing power requirements. For this reason, in power system development planing, it is necessary to evaluate the potential uncertainty in future wind power generation. For this purpose, simulation models are required, reproducing the performance of wind power forecasts. This paper presents a wind power forecast error simulation models which are based on the stochastic process simulation. Proposed models capture the most important statistical parameters recognized in wind power forecast error time series. Furthermore, two distinct models are presented based on data availability. First model uses wind speed measurements on potential or existing wind power plant locations, while the seconds model uses statistical distribution of wind speeds.

Keywords: wind power, uncertainty, stochastic process, Monte Carlo simulation

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Authors: Hui Hsin Huang

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The downstream manufactures will order their materials from different upstream suppliers to maintain a certain level of the demand. This paper proposes a bivariate model to portray this phenomenon of material demand. We use empirical data to estimate the parameters of model and evaluate the RMSD of model calibration. The results show that the model has better fitness.

Keywords: recency, ordering time, materials demand quantity, multi-source ordering

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Authors: Namwinwelbere Dabire, Eugene C. Ezin, Adandedji M. Firmin

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The prediction of hydrological flows (rainfall-depth or rainfall-discharge) is becoming increasingly important in the management of hydrological risks such as floods. In this study, the Long Short-Term Memory (LSTM) network, a state-of-the-art algorithm dedicated to time series, is applied to predict the daily water level of Nokoue Lake in Benin. This paper aims to provide an effective and reliable method enable of reproducing the future daily water level of Nokoue Lake, which is influenced by a combination of two phenomena: rainfall and river flow (runoff from the Ouémé River, the Sô River, the Porto-Novo lagoon, and the Atlantic Ocean). Performance analysis based on the forecasting horizon indicates that LSTM can predict the water level of Nokoué Lake up to a forecast horizon of t+10 days. Performance metrics such as Root Mean Square Error (RMSE), coefficient of correlation (R²), Nash-Sutcliffe Efficiency (NSE), and Mean Absolute Error (MAE) agree on a forecast horizon of up to t+3 days. The values of these metrics remain stable for forecast horizons of t+1 days, t+2 days, and t+3 days. The values of R² and NSE are greater than 0.97 during the training and testing phases in the Nokoué Lake basin. Based on the evaluation indices used to assess the model's performance for the appropriate forecast horizon of water level in the Nokoué Lake basin, the forecast horizon of t+3 days is chosen for predicting future daily water levels.

Keywords: forecasting, long short-term memory cell, recurrent artificial neural network, Nokoué lake

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Authors: Yakubu Adamu, Baba Alfa, Salahudeen Adamu Gene

Abstract:

As the drive towards clean, renewable and sustainable energy generation is gradually been reshaped by renewable penetration over time, energy storage has thus, become an optimal solution for utilities looking to reduce transmission and capacity cost, therefore the need for capacity resources to be adjusted accordingly such that renewable energy storage may have the opportunity to substitute for retiring conventional energy systems with higher capacity factors. Considering the Nigeria scenario, where Over 80% of the current Nigerian primary energy consumption is met by petroleum, electricity demand is set to more than double by mid-century, relative to 2025 levels. With renewable energy penetration rapidly increasing, in particular biomass, hydro power, solar and wind energy, it is expected to account for the largest share of power output in the coming decades. Despite this rapid growth, the imbalance between load and resources has created a hindrance to the development of energy storage capacity, load and resources, hence forecasting energy storage capacity will therefore play an important role in maintaining the balance between load and resources including supply and demand. Therefore, the degree to which this might occur, its timing and more importantly its sustainability, is the subject matter of the current research. Here, we forecast the future energy storage capacity rating and thus, evaluate the load and resource scenario in Nigeria. In doing so, We used the scenario-based International Energy Agency models, the projected energy demand and supply structure of the country through 2030 are presented and analysed. Overall, this shows that in high renewable (solar) penetration scenarios in Nigeria, energy storage with 4-6h duration can obtain over 86% capacity rating with storage comprising about 24% of peak load capacity. Therefore, the general takeaway from the current study is that most power systems currently used has the potential to support fairly large penetrations of 4-6 hour storage as capacity resources prior to a substantial reduction in capacity ratings. The data presented in this paper is a crucial eye-opener for relevant government agencies towards developing these energy resources in tackling the present energy crisis in Nigeria. However, if the transformation of the Nigeria. power system continues primarily through expansion of renewable generation, then longer duration energy storage will be needed to qualify as capacity resources. Hence, the analytical task from the current survey will help to determine whether and when long-duration storage becomes an integral component of the capacity mix that is expected in Nigeria by 2030.

Keywords: capacity, energy, power system, storage

Procedia PDF Downloads 34

Authors: Saurabh Chanana, Monika Arora

Abstract:

Demand response is getting increased attention these days due to the increase in electricity demand and introduction of renewable resources in the existing power grid. Traditionally demand response programs involve large industrial consumers but with technological advancement, demand response is being implemented for small residential and commercial consumers also. In this paper, demand response program aims to reduce the peak demand as well as overall energy consumption of the residential customers. Air conditioners are the major reason of peak load in residential sector in summer, so a dynamic model of air conditioning load with thermostat action has been considered for applying demand response programs. A programmable communicating thermostat (PCT) is a device that uses real time pricing (RTP) signals to control the thermostat setting. A new model incorporating PCT in air conditioning load has been proposed in this paper. Results show that introduction of PCT in air conditioner is useful in reducing the electricity payments of customers as well as reducing the peak demand.

Keywords: demand response, home energy management, programmable communicating thermostat, thermostatically controlled appliances

Procedia PDF Downloads 607

Authors: Yuan Huang, Xiangping Chen, Xiaonan Luo

Abstract:

Current software are continuously updating. The change between two versions usually involves multiple program entities (e.g., packages, classes, methods, attributes) with multiple purposes (e.g., changed requirements, bug fixing). It is hard for developers to understand which changes are made for the same purpose. Whether two changes are related is not decided by the relationship between this two entities in the program. In this paper, we summarized 4 coupling rules(16 instances) and 4 state-combination types at the class, method and attribute levels for software change. Related Change Vector (RCV) are defined based on coupling rules and state-combination types, and applied to classify related software changes by using Probabilistic Neural Network during a software updating.

Keywords: PNN, related change, state-combination, logical coupling, software entity

Procedia PDF Downloads 436

Authors: Girish Chavadappanavar

Abstract:

The impact of climate on agriculture could result in problems with food security and may threaten the livelihood activities upon which much of the population depends. In the present study, the development of a statistical yield forecast model has been carried out for sugarcane production over Belagavi district, Karnataka using weather variables of crop growing season and past observed yield data for the period of 1971 to 2010. The study shows that this type of statistical yield forecast model could efficiently forecast yield 5 weeks and even 10 weeks in advance of the harvest for sugarcane within an acceptable limit of error. The performance of the model in predicting yields at the district level for sugarcane crops is found quite satisfactory for both validation (2007 and 2008) as well as forecasting (2009 and 2010).In addition to the above study, the climate variability of the area has also been studied, and hence, the data series was tested for Mann Kendall Rank Statistical Test. The maximum and minimum temperatures were found to be significant with opposite trends (decreasing trend in maximum and increasing in minimum temperature), while the other three are found in significant with different trends (rainfall and evening time relative humidity with increasing trend and morning time relative humidity with decreasing trend).

Keywords: climate impact, regression analysis, yield and forecast model, sugar models

Procedia PDF Downloads 71