Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 223

Search results for: forecasting

223 A New Model for Production Forecasting in ERP

Authors: S. F. Wong, W. I. Ho, B. Lin, Q. Huang

Abstract:

ERP has been used in many enterprises for management, the accuracy of the production forecasting module is vital to the decision making of the enterprise, and the profit is affected directly. Therefore, enhancing the accuracy of the production forecasting module can also increase the efficiency and profitability. To deal with a lot of data, a suitable, reliable and accurate statistics model is necessary. LSSVM and Grey System are two main models to be studied in this paper, and a case study is used to demonstrate how the combination model is effective to the result of forecasting.

Keywords: ERP, Grey System, LSSVM, production forecasting.

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222 The Use of S Curves in Technology Forecasting and its Application On 3D TV Technology

Authors: Gizem Intepe, Tufan Koc

Abstract:

S-Curves are commonly used in technology forecasting. They show the paths of product performance in relation to time or investment in R&D. It is a useful tool to describe the inflection points and the limit of improvement of a technology. Companies use this information to base their innovation strategies. However inadequate use and some limitations of this technique lead to problems in decision making. In this paper first technology forecasting and its importance for company level strategies will be discussed. Secondly the S-Curve and its place among other forecasting techniques will be introduced. Thirdly its use in technology forecasting will be discussed based on its advantages, disadvantages and limitations. Finally an application of S-curve on 3D TV technology using patent data will also be presented and the results will be discussed.

Keywords: Patent analysis, Technological forecasting. S curves, 3D TV

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221 Hourly Electricity Load Forecasting: An Empirical Application to the Italian Railways

Authors: M. Centra

Abstract:

Due to the liberalization of countless electricity markets, load forecasting has become crucial to all public utilities for which electricity is a strategic variable. With the goal of contributing to the forecasting process inside public utilities, this paper addresses the issue of applying the Holt-Winters exponential smoothing technique and the time series analysis for forecasting the hourly electricity load curve of the Italian railways. The results of the analysis confirm the accuracy of the two models and therefore the relevance of forecasting inside public utilities.

Keywords: ARIMA models, Exponential smoothing, Electricity, Load forecasting, Rail transportation.

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220 Power Forecasting of Photovoltaic Generation

Authors: S. H. Oudjana, A. Hellal, I. Hadj Mahammed

Abstract:

Photovoltaic power generation forecasting is an important task in renewable energy power system planning and operating. This paper explores the application of neural networks (NN) to study the design of photovoltaic power generation forecasting systems for one week ahead using weather databases include the global irradiance, and temperature of Ghardaia city (south of Algeria) using a data acquisition system. Simulations were run and the results are discussed showing that neural networks Technique is capable to decrease the photovoltaic power generation forecasting error.

Keywords: Photovoltaic Power Forecasting, Regression, Neural Networks.

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219 Neural Network Ensemble-based Solar Power Generation Short-Term Forecasting

Authors: A. Chaouachi, R.M. Kamel, R. Ichikawa, H. Hayashi, K. Nagasaka

Abstract:

This paper presents the applicability of artificial neural networks for 24 hour ahead solar power generation forecasting of a 20 kW photovoltaic system, the developed forecasting is suitable for a reliable Microgrid energy management. In total four neural networks were proposed, namely: multi-layred perceptron, radial basis function, recurrent and a neural network ensemble consisting in ensemble of bagged networks. Forecasting reliability of the proposed neural networks was carried out in terms forecasting error performance basing on statistical and graphical methods. The experimental results showed that all the proposed networks achieved an acceptable forecasting accuracy. In term of comparison the neural network ensemble gives the highest precision forecasting comparing to the conventional networks. In fact, each network of the ensemble over-fits to some extent and leads to a diversity which enhances the noise tolerance and the forecasting generalization performance comparing to the conventional networks.

Keywords: Neural network ensemble, Solar power generation, 24 hour forecasting, Comparative study

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218 Collaborative Planning and Forecasting

Authors: Neha Asthana, Vishal Krishna Prasad

Abstract:

Collaborative Planning and Forecasting is an innovative and systematic approach towards productive integration and assimilation of data synergized into information. The changing and variable market dynamics have persuaded global business chains to incorporate Collaborative Planning and Forecasting as an imperative tool. Thus, it is essential for the supply chains to constantly improvise, update its nature, and mould as per changing global environment.

Keywords: Information transfer, Forecasting, Optimization.

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217 Fuzzy Metric Approach for Fuzzy Time Series Forecasting based on Frequency Density Based Partitioning

Authors: Tahseen Ahmed Jilani, Syed Muhammad Aqil Burney, C. Ardil

Abstract:

In the last 15 years, a number of methods have been proposed for forecasting based on fuzzy time series. Most of the fuzzy time series methods are presented for forecasting of enrollments at the University of Alabama. However, the forecasting accuracy rates of the existing methods are not good enough. In this paper, we compared our proposed new method of fuzzy time series forecasting with existing methods. Our method is based on frequency density based partitioning of the historical enrollment data. The proposed method belongs to the kth order and time-variant methods. The proposed method can get the best forecasting accuracy rate for forecasting enrollments than the existing methods.

Keywords: Fuzzy logical groups, fuzzified enrollments, fuzzysets, fuzzy time series.

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216 Faults Forecasting System

Authors: Hanaa E.Sayed, Hossam A. Gabbar, Shigeji Miyazaki

Abstract:

This paper presents Faults Forecasting System (FFS) that utilizes statistical forecasting techniques in analyzing process variables data in order to forecast faults occurrences. FFS is proposing new idea in detecting faults. Current techniques used in faults detection are based on analyzing the current status of the system variables in order to check if the current status is fault or not. FFS is using forecasting techniques to predict future timing for faults before it happens. Proposed model is applying subset modeling strategy and Bayesian approach in order to decrease dimensionality of the process variables and improve faults forecasting accuracy. A practical experiment, designed and implemented in Okayama University, Japan, is implemented, and the comparison shows that our proposed model is showing high forecasting accuracy and BEFORE-TIME.

Keywords: Bayesian Techniques, Faults Detection, Forecasting techniques, Multivariate Analysis.

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215 Forecasting Enrollment Model Based on First-Order Fuzzy Time Series

Authors: Melike Şah, Konstantin Y.Degtiarev

Abstract:

This paper proposes a novel improvement of forecasting approach based on using time-invariant fuzzy time series. In contrast to traditional forecasting methods, fuzzy time series can be also applied to problems, in which historical data are linguistic values. It is shown that proposed time-invariant method improves the performance of forecasting process. Further, the effect of using different number of fuzzy sets is tested as well. As with the most of cited papers, historical enrollment of the University of Alabama is used in this study to illustrate the forecasting process. Subsequently, the performance of the proposed method is compared with existing fuzzy time series time-invariant models based on forecasting accuracy. It reveals a certain performance superiority of the proposed method over methods described in the literature.

Keywords: Forecasting, fuzzy time series, linguistic values, student enrollment, time-invariant model.

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214 Annual Power Load Forecasting Using Support Vector Regression Machines: A Study on Guangdong Province of China 1985-2008

Authors: Zhiyong Li, Zhigang Chen, Chao Fu, Shipeng Zhang

Abstract:

Load forecasting has always been the essential part of an efficient power system operation and planning. A novel approach based on support vector machines is proposed in this paper for annual power load forecasting. Different kernel functions are selected to construct a combinatorial algorithm. The performance of the new model is evaluated with a real-world dataset, and compared with two neural networks and some traditional forecasting techniques. The results show that the proposed method exhibits superior performance.

Keywords: combinatorial algorithm, data mining, load forecasting, support vector machines

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213 Two Day Ahead Short Term Load Forecasting Neural Network Based

Authors: Firas M. Tuaimah

Abstract:

This paper presents an Artificial Neural Network based approach for short-term load forecasting and exactly for two days ahead. Two seasons have been discussed for Iraqi power system, namely summer and winter; the hourly load demand is the most important input variables for ANN based load forecasting. The recorded daily load profile with a lead time of 1-48 hours for July and December of the year 2012 was obtained from the operation and control center that belongs to the Ministry of Iraqi electricity.

The results of the comparison show that the neural network gives a good prediction for the load forecasting and for two days ahead.

Keywords: Short-Term Load Forecasting, Artificial Neural Networks, Back propagation learning.

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212 Forecasting US Dollar/Euro Exchange Rate with Genetic Fuzzy Predictor

Authors: R. Mechgoug, A. Titaouine

Abstract:

Fuzzy systems have been successfully used for exchange rate forecasting. However, fuzzy system is very confusing and complex to be designed by an expert, as there is a large set of parameters (fuzzy knowledge base) that must be selected, it is not a simple task to select the appropriate fuzzy knowledge base for an exchange rate forecasting. The researchers often look the effect of fuzzy knowledge base on the performances of fuzzy system forecasting. This paper proposes a genetic fuzzy predictor to forecast the future value of daily US Dollar/Euro exchange rate time’s series. A range of methodologies based on a set of fuzzy predictor’s which allow the forecasting of the same time series, but with a different fuzzy partition. Each fuzzy predictor is built from two stages, where each stage is performed by a real genetic algorithm.

Keywords: Foreign exchange rate, time series forecasting, Fuzzy System, and Genetic Algorithm.

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211 Artificial Neural Network-Based Short-Term Load Forecasting for Mymensingh Area of Bangladesh

Authors: S. M. Anowarul Haque, Md. Asiful Islam

Abstract:

Electrical load forecasting is considered to be one of the most indispensable parts of a modern-day electrical power system. To ensure a reliable and efficient supply of electric energy, special emphasis should have been put on the predictive feature of electricity supply. Artificial Neural Network-based approaches have emerged to be a significant area of interest for electric load forecasting research. This paper proposed an Artificial Neural Network model based on the particle swarm optimization algorithm for improved electric load forecasting for Mymensingh, Bangladesh. The forecasting model is developed and simulated on the MATLAB environment with a large number of training datasets. The model is trained based on eight input parameters including historical load and weather data. The predicted load data are then compared with an available dataset for validation. The proposed neural network model is proved to be more reliable in terms of day-wise load forecasting for Mymensingh, Bangladesh.

Keywords: Load forecasting, artificial neural network, particle swarm optimization.

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210 Time Series Forecasting Using Independent Component Analysis

Authors: Theodor D. Popescu

Abstract:

The paper presents a method for multivariate time series forecasting using Independent Component Analysis (ICA), as a preprocessing tool. The idea of this approach is to do the forecasting in the space of independent components (sources), and then to transform back the results to the original time series space. The forecasting can be done separately and with a different method for each component, depending on its time structure. The paper gives also a review of the main algorithms for independent component analysis in the case of instantaneous mixture models, using second and high-order statistics. The method has been applied in simulation to an artificial multivariate time series with five components, generated from three sources and a mixing matrix, randomly generated.

Keywords: Independent Component Analysis, second order statistics, simulation, time series forecasting

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209 Application of Neural Networks for 24-Hour-Ahead Load Forecasting

Authors: Fatemeh Mosalman Yazdi

Abstract:

One of the most important requirements for the operation and planning activities of an electrical utility is the prediction of load for the next hour to several days out, known as short term load forecasting. This paper presents the development of an artificial neural network based short-term load forecasting model. The model can forecast daily load profiles with a load time of one day for next 24 hours. In this method can divide days of year with using average temperature. Groups make according linearity rate of curve. Ultimate forecast for each group obtain with considering weekday and weekend. This paper investigates effects of temperature and humidity on consuming curve. For forecasting load curve of holidays at first forecast pick and valley and then the neural network forecast is re-shaped with the new data. The ANN-based load models are trained using hourly historical. Load data and daily historical max/min temperature and humidity data. The results of testing the system on data from Yazd utility are reported.

Keywords: Artificial neural network, Holiday forecasting, pickand valley load forecasting, Short-term load-forecasting.

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208 Forecasting of Grape Juice Flavor by Using Support Vector Regression

Authors: Ren-Jieh Kuo, Chun-Shou Huang

Abstract:

The research of juice flavor forecasting has become more important in China. Due to the fast economic growth in China, many different kinds of juices have been introduced to the market. If a beverage company can understand their customers’ preference well, the juice can be served more attractive. Thus, this study intends to introducing the basic theory and computing process of grapes juice flavor forecasting based on support vector regression (SVR). Applying SVR, BPN, and LR to forecast the flavor of grapes juice in real data shows that SVR is more suitable and effective at predicting performance.

Keywords: Flavor forecasting, artificial neural networks, support vector regression, grape juice flavor.

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207 Forecasting e-Learning Efficiency by Using Artificial Neural Networks and a Balanced Score Card

Authors: Petar Halachev

Abstract:

Forecasting the values of the indicators, which characterize the effectiveness of performance of organizations is of great importance for their successful development. Such forecasting is necessary in order to assess the current state and to foresee future developments, so that measures to improve the organization-s activity could be undertaken in time. The article presents an overview of the applied mathematical and statistical methods for developing forecasts. Special attention is paid to artificial neural networks as a forecasting tool. Their strengths and weaknesses are analyzed and a synopsis is made of the application of artificial neural networks in the field of forecasting of the values of different education efficiency indicators. A method of evaluation of the activity of universities using the Balanced Scorecard is proposed and Key Performance Indicators for assessment of e-learning are selected. Resulting indicators for the evaluation of efficiency of the activity are proposed. An artificial neural network is constructed and applied in the forecasting of the values of indicators for e-learning efficiency on the basis of the KPI values.

Keywords: artificial neural network, balanced scorecard, e-learning

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206 Application of Artificial Neural Networks for Temperature Forecasting

Authors: Mohsen Hayati, Zahra Mohebi

Abstract:

In this paper, the application of neural networks to study the design of short-term temperature forecasting (STTF) Systems for Kermanshah city, west of Iran was explored. One important architecture of neural networks named Multi-Layer Perceptron (MLP) to model STTF systems is used. Our study based on MLP was trained and tested using ten years (1996-2006) meteorological data. The results show that MLP network has the minimum forecasting error and can be considered as a good method to model the STTF systems.

Keywords: Artificial neural networks, Forecasting, Weather, Multi-layer perceptron.

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205 A Model Predictive Control and Time Series Forecasting Framework for Supply Chain Management

Authors: Philip Doganis, Eleni Aggelogiannaki, Haralambos Sarimveis

Abstract:

Model Predictive Control has been previously applied to supply chain problems with promising results; however hitherto proposed systems possessed no information on future demand. A forecasting methodology will surely promote the efficiency of control actions by providing insight on the future. A complete supply chain management framework that is based on Model Predictive Control (MPC) and Time Series Forecasting will be presented in this paper. The proposed framework will be tested on industrial data in order to assess the efficiency of the method and the impact of forecast accuracy on overall control performance of the supply chain. To this end, forecasting methodologies with different characteristics will be implemented on test data to generate forecasts that will serve as input to the Model Predictive Control module.

Keywords: Forecasting, Model predictive control, production planning.

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204 Electric Load Forecasting Using Genetic Based Algorithm, Optimal Filter Estimator and Least Error Squares Technique: Comparative Study

Authors: Khaled M. EL-Naggar, Khaled A. AL-Rumaih

Abstract:

This paper presents performance comparison of three estimation techniques used for peak load forecasting in power systems. The three optimum estimation techniques are, genetic algorithms (GA), least error squares (LS) and, least absolute value filtering (LAVF). The problem is formulated as an estimation problem. Different forecasting models are considered. Actual recorded data is used to perform the study. The performance of the above three optimal estimation techniques is examined. Advantages of each algorithms are reported and discussed.

Keywords: Forecasting, Least error squares, Least absolute Value, Genetic algorithms

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203 Electricity Price Forecasting: A Comparative Analysis with Shallow-ANN and DNN

Authors: Fazıl Gökgöz, Fahrettin Filiz

Abstract:

Electricity prices have sophisticated features such as high volatility, nonlinearity and high frequency that make forecasting quite difficult. Electricity price has a volatile and non-random character so that, it is possible to identify the patterns based on the historical data. Intelligent decision-making requires accurate price forecasting for market traders, retailers, and generation companies. So far, many shallow-ANN (artificial neural networks) models have been published in the literature and showed adequate forecasting results. During the last years, neural networks with many hidden layers, which are referred to as DNN (deep neural networks) have been using in the machine learning community. The goal of this study is to investigate electricity price forecasting performance of the shallow-ANN and DNN models for the Turkish day-ahead electricity market. The forecasting accuracy of the models has been evaluated with publicly available data from the Turkish day-ahead electricity market. Both shallow-ANN and DNN approach would give successful result in forecasting problems. Historical load, price and weather temperature data are used as the input variables for the models. The data set includes power consumption measurements gathered between January 2016 and December 2017 with one-hour resolution. In this regard, forecasting studies have been carried out comparatively with shallow-ANN and DNN models for Turkish electricity markets in the related time period. The main contribution of this study is the investigation of different shallow-ANN and DNN models in the field of electricity price forecast. All models are compared regarding their MAE (Mean Absolute Error) and MSE (Mean Square) results. DNN models give better forecasting performance compare to shallow-ANN. Best five MAE results for DNN models are 0.346, 0.372, 0.392, 0,402 and 0.409.

Keywords: Deep learning, artificial neural networks, energy price forecasting, Turkey.

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202 A Multi-layer Artificial Neural Network Architecture Design for Load Forecasting in Power Systems

Authors: Axay J Mehta, Hema A Mehta, T.C.Manjunath, C. Ardil

Abstract:

In this paper, the modelling and design of artificial neural network architecture for load forecasting purposes is investigated. The primary pre-requisite for power system planning is to arrive at realistic estimates of future demand of power, which is known as Load Forecasting. Short Term Load Forecasting (STLF) helps in determining the economic, reliable and secure operating strategies for power system. The dependence of load on several factors makes the load forecasting a very challenging job. An over estimation of the load may cause premature investment and unnecessary blocking of the capital where as under estimation of load may result in shortage of equipment and circuits. It is always better to plan the system for the load slightly higher than expected one so that no exigency may arise. In this paper, a load-forecasting model is proposed using a multilayer neural network with an appropriately modified back propagation learning algorithm. Once the neural network model is designed and trained, it can forecast the load of the power system 24 hours ahead on daily basis and can also forecast the cumulative load on daily basis. The real load data that is used for the Artificial Neural Network training was taken from LDC, Gujarat Electricity Board, Jambuva, Gujarat, India. The results show that the load forecasting of the ANN model follows the actual load pattern more accurately throughout the forecasted period.

Keywords: Power system, Load forecasting, Neural Network, Neuron, Stabilization, Network structure, Load.

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201 Forecasting Unemployment Rate in Selected European Countries Using Smoothing Methods

Authors: Ksenija Dumičić, Anita Čeh Časni, Berislav Žmuk

Abstract:

The aim of this paper is to select the most accurate forecasting method for predicting the future values of the unemployment rate in selected European countries. In order to do so, several forecasting techniques adequate for forecasting time series with trend component, were selected, namely: double exponential smoothing (also known as Holt`s method) and Holt-Winters` method which accounts for trend and seasonality. The results of the empirical analysis showed that the optimal model for forecasting unemployment rate in Greece was Holt-Winters` additive method. In the case of Spain, according to MAPE, the optimal model was double exponential smoothing model. Furthermore, for Croatia and Italy the best forecasting model for unemployment rate was Holt-Winters` multiplicative model, whereas in the case of Portugal the best model to forecast unemployment rate was Double exponential smoothing model. Our findings are in line with European Commission unemployment rate estimates.

Keywords: European Union countries, exponential smoothing methods, forecast accuracy unemployment rate.

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200 Fuzzy Ideology based Long Term Load Forecasting

Authors: Jagadish H. Pujar

Abstract:

Fuzzy Load forecasting plays a paramount role in the operation and management of power systems. Accurate estimation of future power demands for various lead times facilitates the task of generating power reliably and economically. The forecasting of future loads for a relatively large lead time (months to few years) is studied here (long term load forecasting). Among the various techniques used in forecasting load, artificial intelligence techniques provide greater accuracy to the forecasts as compared to conventional techniques. Fuzzy Logic, a very robust artificial intelligent technique, is described in this paper to forecast load on long term basis. The paper gives a general algorithm to forecast long term load. The algorithm is an Extension of Short term load forecasting method to Long term load forecasting and concentrates not only on the forecast values of load but also on the errors incorporated into the forecast. Hence, by correcting the errors in the forecast, forecasts with very high accuracy have been achieved. The algorithm, in the paper, is demonstrated with the help of data collected for residential sector (LT2 (a) type load: Domestic consumers). Load, is determined for three consecutive years (from April-06 to March-09) in order to demonstrate the efficiency of the algorithm and to forecast for the next two years (from April-09 to March-11).

Keywords: Fuzzy Logic Control (FLC), Data DependantFactors(DDF), Model Dependent Factors(MDF), StatisticalError(SE), Short Term Load Forecasting (STLF), MiscellaneousError(ME).

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199 A Comparative Analysis of Artificial Neural Network and Autoregressive Integrated Moving Average Model on Modeling and Forecasting Exchange Rate

Authors: Mogari I. Rapoo, Diteboho Xaba

Abstract:

This paper examines the forecasting performance of Autoregressive Integrated Moving Average (ARIMA) and Artificial Neural Networks (ANN) models with the published exchange rate obtained from South African Reserve Bank (SARB). ARIMA is one of the popular linear models in time series forecasting for the past decades. ARIMA and ANN models are often compared and literature revealed mixed results in terms of forecasting performance. The study used the MSE and MAE to measure the forecasting performance of the models. The empirical results obtained reveal the superiority of ARIMA model over ANN model. The findings further resolve and clarify the contradiction reported in literature over the superiority of ARIMA and ANN models.

Keywords: ARIMA, artificial neural networks models, error metrics, exchange rates.

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198 Energy Consumption Forecast Procedure for an Industrial Facility

Authors: Tatyana Aleksandrovna Barbasova, Lev Sergeevich Kazarinov, Olga Valerevna Kolesnikova, Aleksandra Aleksandrovna Filimonova

Abstract:

We regard forecasting of energy consumption by private production areas of a large industrial facility as well as by the facility itself. As for production areas, the forecast is made based on empirical dependencies of the specific energy consumption and the production output. As for the facility itself, implementation of the task to minimize the energy consumption forecasting error is based on adjustment of the facility’s actual energy consumption values evaluated with the metering device and the total design energy consumption of separate production areas of the facility. The suggested procedure of optimal energy consumption was tested based on the actual data of core product output and energy consumption by a group of workshops and power plants of the large iron and steel facility. Test results show that implementation of this procedure gives the mean accuracy of energy consumption forecasting for winter 2014 of 0.11% for the group of workshops and 0.137% for the power plants.

Keywords: Energy consumption, energy consumption forecasting error, energy efficiency, forecasting accuracy, forecasting.

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197 Demand and Price Evolution Forecasting as Tools for Facilitating the RoadMapping Process of the Photonic Component Industry

Authors: T. Kamalakis, I. Neokosmidis, D. Varoutas, T. Sphicopoulos

Abstract:

The photonic component industry is a highly innovative industry with a large value chain. In order to ensure the growth of the industry much effort must be devoted to road mapping activities. In such activities demand and price evolution forecasting tools can prove quite useful in order to help in the roadmap refinement and update process. This paper attempts to provide useful guidelines in roadmapping of optical components and considers two models based on diffusion theory and the extended learning curve for demand and price evolution forecasting.

Keywords: Roadmapping, Photonic Components, Forecasting, Diffusion Theory.

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196 Forecasting Malaria Cases in Bujumbura

Authors: Hermenegilde Nkurunziza, Albrecht Gebhardt, Juergen Pilz

Abstract:

The focus in this work is to assess which method allows a better forecasting of malaria cases in Bujumbura ( Burundi) when taking into account association between climatic factors and the disease. For the period 1996-2007, real monthly data on both malaria epidemiology and climate in Bujumbura are described and analyzed. We propose a hierarchical approach to achieve our objective. We first fit a Generalized Additive Model to malaria cases to obtain an accurate predictor, which is then used to predict future observations. Various well-known forecasting methods are compared leading to different results. Based on in-sample mean average percentage error (MAPE), the multiplicative exponential smoothing state space model with multiplicative error and seasonality performed better.

Keywords: Burundi, Forecasting, Malaria, Regressionmodel, State space model.

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195 Artificial Neural Network Approach for Short Term Load Forecasting for Illam Region

Authors: Mohsen Hayati, Yazdan Shirvany

Abstract:

In this paper, the application of neural networks to study the design of short-term load forecasting (STLF) Systems for Illam state located in west of Iran was explored. One important architecture of neural networks named Multi-Layer Perceptron (MLP) to model STLF systems was used. Our study based on MLP was trained and tested using three years (2004-2006) data. The results show that MLP network has the minimum forecasting error and can be considered as a good method to model the STLF systems.

Keywords: Artificial neural networks, Forecasting, Multi-layer perceptron.

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194 Multivariate High Order Fuzzy Time Series Forecasting for Car Road Accidents

Authors: Tahseen A. Jilani, S. M. Aqil Burney, C. Ardil

Abstract:

In this paper, we have presented a new multivariate fuzzy time series forecasting method. This method assumes mfactors with one main factor of interest. History of past three years is used for making new forecasts. This new method is applied in forecasting total number of car accidents in Belgium using four secondary factors. We also make comparison of our proposed method with existing methods of fuzzy time series forecasting. Experimentally, it is shown that our proposed method perform better than existing fuzzy time series forecasting methods. Practically, actuaries are interested in analysis of the patterns of causalities in road accidents. Thus using fuzzy time series, actuaries can define fuzzy premium and fuzzy underwriting of car insurance and life insurance for car insurance. National Institute of Statistics, Belgium provides region of risk classification for each road. Thus using this risk classification, we can predict premium rate and underwriting of insurance policy holders.

Keywords: Average forecasting error rate (AFER), Fuzziness offuzzy sets Fuzzy, If-Then rules, Multivariate fuzzy time series.

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