Search results for: sales forecasting of innovations

Authors: V. Churkin, M. Lopatin

Abstract:

The purpose of the paper is to estimate the US small wind turbines market potential and forecast the small wind turbines sales in the US. The forecasting method is based on the application of the Bass model and the generalized Bass model of innovations diffusion under replacement purchases. In the work an exponential distribution is used for modeling of replacement purchases. Only one parameter of such distribution is determined by average lifetime of small wind turbines. The identification of the model parameters is based on nonlinear regression analysis on the basis of the annual sales statistics which has been published by the American Wind Energy Association (AWEA) since 2001 up to 2012. The estimation of the US average market potential of small wind turbines (for adoption purchases) without account of price changes is 57080 (confidence interval from 49294 to 64866 at P = 0.95) under average lifetime of wind turbines 15 years, and 62402 (confidence interval from 54154 to 70648 at P = 0.95) under average lifetime of wind turbines 20 years. In the first case the explained variance is 90,7%, while in the second - 91,8%. The effect of the wind turbines price changes on their sales was estimated using generalized Bass model. This required a price forecast. To do this, the polynomial regression function, which is based on the Berkeley Lab statistics, was used. The estimation of the US average market potential of small wind turbines (for adoption purchases) in that case is 42542 (confidence interval from 32863 to 52221 at P = 0.95) under average lifetime of wind turbines 15 years, and 47426 (confidence interval from 36092 to 58760 at P = 0.95) under average lifetime of wind turbines 20 years. In the first case the explained variance is 95,3%, while in the second – 95,3%.

Keywords: Bass model, generalized Bass model, replacement purchases, sales forecasting of innovations, statistics of sales of small wind turbines in the United States.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1841

Authors: A. Alamäki, T. Kaski

Abstract:

The value co-creation has gained much attention in sales research, but less is known about how salespeople and customers interact in the authentic business to business (B2B) sales meetings. The study presented in this paper empirically contributes to existing research by presenting authentic B2B sales meetings that were video recorded and analyzed using observation and qualitative content analysis methods. This paper aims to study key elements of successful sales interactions between salespeople and customers/ buyers. This study points out that salespeople are selling value rather than the products or services themselves, which are only enablers in realizing business benefits. Therefore, our findings suggest that promoting and easing open discourse is an essential part of a successful sales encounter. A better understanding of how salespeople and customers successfully interact would help salespeople to develop their interpersonal sales skills.

Keywords: Personal selling, Relationship, Sales Management, Value Co-Creation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3507

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1709

Authors: Y. Sunecher, N. Mamode Khan, V. Jowaheer

Abstract:

This paper considers the modelling of a non-stationary bivariate integer-valued autoregressive moving average of order one (BINARMA(1,1)) with correlated Poisson innovations. The BINARMA(1,1) model is specified using the binomial thinning operator and by assuming that the cross-correlation between the two series is induced by the innovation terms only. Based on these assumptions, the non-stationary marginal and joint moments of the BINARMA(1,1) are derived iteratively by using some initial stationary moments. As regards to the estimation of parameters of the proposed model, the conditional maximum likelihood (CML) estimation method is derived based on thinning and convolution properties. The forecasting equations of the BINARMA(1,1) model are also derived. A simulation study is also proposed where BINARMA(1,1) count data are generated using a multivariate Poisson R code for the innovation terms. The performance of the BINARMA(1,1) model is then assessed through a simulation experiment and the mean estimates of the model parameters obtained are all efficient, based on their standard errors. The proposed model is then used to analyse a real-life accident data on the motorway in Mauritius, based on some covariates: policemen, daily patrol, speed cameras, traffic lights and roundabouts. The BINARMA(1,1) model is applied on the accident data and the CML estimates clearly indicate a significant impact of the covariates on the number of accidents on the motorway in Mauritius. The forecasting equations also provide reliable one-step ahead forecasts.

Keywords: Non-stationary, BINARMA(1, 1) model, Poisson Innovations, CML

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 546

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 7677

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2574

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3701

Authors: Yamini Raju, Parminder S. Kang, Adam Moroz, Ross Clement, Ashley Hopwell, Alistair Duffy

Abstract:

Accurate forecasting of fresh produce demand is one the challenges faced by Small Medium Enterprise (SME) wholesalers. This paper is an attempt to understand the cause for the high level of variability such as weather, holidays etc., in demand of SME wholesalers. Therefore, understanding the significance of unidentified factors may improve the forecasting accuracy. This paper presents the current literature on the factors used to predict demand and the existing forecasting techniques of short shelf life products. It then investigates a variety of internal and external possible factors, some of which is not used by other researchers in the demand prediction process. The results presented in this paper are further analysed using a number of techniques to minimize noise in the data. For the analysis past sales data (January 2009 to May 2014) from a UK based SME wholesaler is used and the results presented are limited to product ‘Milk’ focused on café’s in derby. The correlation analysis is done to check the dependencies of variability factor on the actual demand. Further PCA analysis is done to understand the significance of factors identified using correlation. The PCA results suggest that the cloud cover, weather summary and temperature are the most significant factors that can be used in forecasting the demand. The correlation of the above three factors increased relative to monthly and becomes more stable compared to the weekly and daily demand.

Keywords: Demand Forecasting, Deteriorating Products, Food Wholesalers, Principal Component Analysis and Variability Factors.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3321

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3225

Authors: Jasna Prester, Najla Podrug, Davor Filipović

Abstract:

Manufacturing companies invest a significant amount of sales into material resources for production. In our sample, 58% of sales is used for manufacturing inputs, while only 24% of sales is used for salaries. This means that if a company is looking to reduce costs, the greater potential is in reduction of material costs than downsizing. This research shows that manufacturing companies in Croatia did realize material savings in last three years. It is also shown by which technologies they achieved materials cost savings. Through literature research, we found research gap as to which technologies reduce material consumption. As methodology of research four regression analyses are used to prove our findings.

Keywords: Croatia, materials savings strategies, technologies, return on sales.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1397

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1805

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3155

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1505

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2179

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1587

Authors: Chi-Fang Huang, Yun-Shiow Chen, Yun-Kung Chung

Abstract:

In the past decade, artificial neural networks (ANNs) have been regarded as an instrument for problem-solving and decision-making; indeed, they have already done with a substantial efficiency and effectiveness improvement in industries and businesses. In this paper, the Back-Propagation neural Networks (BPNs) will be modulated to demonstrate the performance of the collaborative forecasting (CF) function of a Collaborative Planning, Forecasting and Replenishment (CPFR®) system. CPFR functions the balance between the sufficient product supply and the necessary customer demand in a Supply and Demand Chain (SDC). Several classical standard BPN will be grouped, collaborated and exploited for the easy implementation of the proposed modular ANN framework based on the topology of a SDC. Each individual BPN is applied as a modular tool to perform the task of forecasting SKUs (Stock-Keeping Units) levels that are managed and supervised at a POS (point of sale), a wholesaler, and a manufacturer in an SDC. The proposed modular BPN-based CF system will be exemplified and experimentally verified using lots of datasets of the simulated SDC. The experimental results showed that a complex CF problem can be divided into a group of simpler sub-problems based on the single independent trading partners distributed over SDC, and its SKU forecasting accuracy was satisfied when the system forecasted values compared to the original simulated SDC data. The primary task of implementing an autonomous CF involves the study of supervised ANN learning methodology which aims at making “knowledgeable" decision for the best SKU sales plan and stocks management.

Keywords: CPFR, artificial neural networks, global logistics, supply and demand chain.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1941

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1508

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1953

Authors: Niklas Echterhoff, Benjamin Amshoff, Jürgen Gausemeier

Abstract:

Creativity is often based on an unorthodox recombination of knowledge; in fact: 80% of all innovations use given knowledge and put it into a new combination. Cross-industry innovations follow this way of thinking and bring together problems and solution ideas from different industries. Therefore analogies and search strategies have to be developed. Taking this path, the questions where to search, what to search and how to search have to be answered. Afterwards, the gathered information can be used within a planned search process. Identified solution ideas have to be assessed and analyzed in detail for the success promising adaption planning.

Keywords: analogy building, cross-industry innovations, knowledge transfer, solution adaption.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2015

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 613

Authors: Niklas Echterhoff, Benjamin Amshoff, Jürgen Gausemeier

Abstract:

Due to today-s fierce competition, companies have to be proactive creators of the future by effectively developing innovations. Especially radical innovations allow high profit margins – but they also entail high risks. One possibility to realize radical innovations and reduce the risk of failure is cross-industry innovation (CII). CII brings together problems and solution ideas from different industries. However, there is a lack of systematic ways towards CII. Bridging this gap, the present paper provides a systematic approach towards planned CII. Starting with the analysis of potentials, the definition of promising search strategies is crucial. Subsequently, identified solution ideas need to be assessed. For the most promising ones, the adaption process has to be systematically planned – regarding the risk affinity of a company. The introduced method is explained on a project from the furniture industry.

Keywords: Analogy building, cross-industry innovations, knowledge transfer, solution adaption.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2623

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1737

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2142

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2172

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1491

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4299

Authors: Jasna Prester, Ivana Rašić Bakarić, Božidar Matijević

Abstract:

Innovations not only contribute to competitiveness of the company but have also positive effects on revenues. On average, product innovations account to 14 percent of companies’ sales. Innovation management has substantially changed during the last decade, because of growing reliance on external partners. As a consequence, a new task for purchasing arises, as firms need to understand which suppliers actually do have high potential contributing to the innovativeness of the firm and which do not. Proper organization of the purchasing function is important since for the majority of manufacturing companies deal with substantial material costs which pass through the purchasing function. In the past the purchasing function was largely seen as a transaction-oriented, clerical function but today purchasing is the intermediate with supply chain partners contributing to innovations, be it product or process innovations. Therefore, purchasing function has to be organized differently to enable firm innovation potential. However, innovations are inherently risky. There are behavioral risk (that some partner will take advantage of the other party), technological risk in terms of complexity of products and processes of manufacturing and incoming materials and finally market risks, which in fact judge the value of the innovation. These risks are investigated in this work. Specifically, technological risks which deal with complexity of the products, and processes will be investigated more thoroughly. Buying components or such high edge technologies necessities careful investigation of technical features and therefore is usually conducted by a team of experts. Therefore it is hypothesized that higher the technological risk, higher will be the centralization of the purchasing function as an interface with other supply chain members. Main contribution of this research lies is in the fact that analysis was performed on a large data set of 1493 companies, from 25 countries collected in the GMRG 4 survey. Most analyses of purchasing function are done by case study analysis of innovative firms. Therefore this study contributes with empirical evaluations that can be generalized.

Keywords: Purchasing function organization, innovation, technological risk, GMRG 4 survey.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3679

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1927

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

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2664

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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1031