• Korean Journal of Construction Engineering and Management
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• v.24 no.6
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• pp.66-73
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• 2023

The construction industry suffers losses due to failures in demand forecasting due to price fluctuations in construction raw materials, increased user costs due to project cost changes, and lack of forecasting system. Accordingly, it is necessary to improve the accuracy of construction raw material price forecasting. This study aims to predict the price of construction raw materials and verify applicability through the improvement of the Data Refactor technique. In order to improve the accuracy of price prediction of construction raw materials, the existing data refactor classification of low and high frequency and ARIMAX utilization method was improved to frequency-oriented and ARIMA method utilization, so that short-term (3 months in the future) six items such as construction raw materials lumber and cement were improved. ), mid-term (6 months in the future), and long-term (12 months in the future) price forecasts. As a result of the analysis, the predicted value based on the improved Data Refactor technique reduced the error and expanded the variability. Therefore, it is expected that the budget can be managed effectively by predicting the price of construction raw materials more accurately through the Data Refactor technique proposed in this study.

• Proceedings of the Korea Water Resources Association Conference
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• 1992.07a
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• pp.411-418
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• 1992

The purpose of this study is to develop dynamic-stochastic models that can forecast the inflow into reservoir during low/drought periods and flood periods. For the formulation of the models, the discrete transfer function is utilized to construct the deterministic characteristics, and the ARIMA model is utilized to construct the stochastic characteristics of residuals. The stochastic variations and structures of time series on hydrological data are examined by employing the auto/cross covariance function and auto/cross correlation function. Also, general modeling processes and forecasting method are used the model building methods of Box and Jenkins. For the verifications and applications of the developed models, the Chungju multi-purpose reservoir which is located in the South Han river systems is selected. Input data required are the current and past reservoir inflow and Yungchun water levels. In order to transform the water level at Yungchon into streamflows, the water level-streamflows rating curves at low/drought periods and flood periods are estimated. The models are calibrated with the flood periods of 1988 and 1989 and hourly data for 1990 flood are analyzed. Also, for the low/drought periods, daily data of 1988 and 1989 are calibrated, and daily data for 1989 are analyzed.

• Water for future
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• v.11 no.2
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• pp.54-61
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• 1978

An attemption of synthesizing and forecasting of monthly river flow has been made by employing a linear stochastic difference equation model. As one of the linear stochestic difference equation model, an ARIMA Type is tested to find the suitability of the model to the monthly river flows. On the assumption of the stationary covariacne of differenced monthly river flows the model is identrfield and is evaluated so that the residuale have the minimum variance. Finally a test is performed to finld the residerals beings White noise. Monthly river flows at six stations in Han River Basin are applied for case studies. It was found that the difference operator is a good measure of forecasting the monthly river flow.

• Journal of the Korea Society for Simulation
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• v.24 no.2
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• pp.31-39
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• 2015

Unemployment is related to social issues as well as personal economics activity so various policies have been made to reduce the unemployment rate in many countries. Because of delay inherent in the survey mechanism to collect unemployment data, it takes lots of time to acquire survey unemployment data. To develop proper policies for reducing unemployment rate at the right time, it is quite critical to obtain faster and more accurate information concerning about unemployment level. To remedy this problem, recently an advanced analytics utilizing internet queries is suggested. To examine the potential of Web query information, this research investigates the usefulness of internet activity data to predict Korean unemployment rate. One of selected web-query data(unemployment claim) has a quite strong correlation with unemployment rate. This research employes a time series approach of the ARIMA model that utilizes the information of keyword queries provided by the Naver(Korean representative portal site) trend together with unemployment rate data provisioned from Statistics Korea. With respect to model selection guidelines of mean squared error and prediction error, the model with utilizing the web query information shows better results than the model without such information. This suggests that there is a strong potential for the used method, which needs to be further explored.

• Journal of the Korean Society of Marine Environment & Safety
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• v.27 no.5
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• pp.574-583
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• 2021

Predicting shipping markets is an important issue. Such predictions form the basis for decisions on investment methods, fleet formation methods, freight rates, etc., which greatly affect the profits and survival of a company. To this end, in this study, we propose a shipping freight rate prediction model for container ships using gated recurrent units (GRUs) and long short-term memory structure. The target of our freight rate prediction is the China Container Freight Index (CCFI), and CCFI data from March 2003 to May 2020 were used for training. The CCFI after June 2020 was first predicted according to each model and then compared and analyzed with the actual CCFI. For the experimental model, a total of six models were designed according to the hyperparameter settings. Additionally, the ARIMA model was included in the experiment for performance comparison with the traditional analysis method. The optimal model was selected based on two evaluation methods. The first evaluation method selects the model with the smallest average value of the root mean square error (RMSE) obtained by repeating each model 10 times. The second method selects the model with the lowest RMSE in all experiments. The experimental results revealed not only the improved accuracy of the deep learning model compared to the traditional time series prediction model, ARIMA, but also the contribution in enhancing the risk management ability of freight fluctuations through deep learning models. On the contrary, in the event of sudden changes in freight owing to the effects of external factors such as the Covid-19 pandemic, the accuracy of the forecasting model reduced. The GRU1 model recorded the lowest RMSE (69.55, 49.35) in both evaluation methods, and it was selected as the optimal model.

• Journal of Navigation and Port Research
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• v.42 no.6
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• pp.546-554
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• 2018

The Bulk market, unlike the line market, is characterized by stiff competition where certain ship or freight owners have no influence on freight rates. However, freights are subject to macroeconomic variables and economic external shock which should be considered in determining management or chartering decisions. According to the results analyzed by use of ARIMA Inventiom model, the impact of the financial crisis was found to have a very strong bearing on the BDI index. First, according to the results of the VEC model, the libor rate affects the BDI index negatively (-) while exchange rate affects the BDI index by positively (+). Secondly, according to the results of the VEC model's J ohanson test, the order ship volume affects the BDI index by negatively (-) while China's economic growth rate affects the BDI index by positively (+). This shows that the shipping company has moved away from the simple carrier and responded appropriately to changes in macroeconomic variables (economic fluctuations, interest rates and exchange rates). It is believed that the shipping companies should be more aggressive in its "trading" management strategy in order to prevent any unfortunate situation such as the Hanjin Shipping incident.

• Journal of Korea Port Economic Association
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• v.34 no.1
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• pp.81-98
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• 2018

Port logistics is essential for Korea's economy which heavily rely on international trade. Vast amounts of capital and time are consumed for the operation and development of ports to improve their competitiveness. Therefore, it is important to forecast cargo volume in order to establish the optimum level of construction and development plan. Itemized forecasting is necessary for appropriate port planning, since disaggregate approach is able to provides more realistic solution than aggregate forecasting. We introduce a new time series model which is Two-way Seasonality Multiplied Regressive Model (TSMR) to forecast oil cargo volume, which accounts for a large portion of total cargo volume in Korea. The TSMR model is designed to take into account the characteristics of oil cargo volume which exhibits trends with short and long-term seasonality. To verify the TSMR model, existing forecasting models are also used for a comparison reason. The results shows that the TSMR excels the existing models in terms of forecasting accuracy whereas the TSMR displays weakness in short-term forecasting. In addition, it was shown that the TSMR can be applied to other cargoes that have trends with short- and long-term seasonality through testing applicability of the TSMR.

• Journal of KIISE
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• v.44 no.9
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• pp.954-965
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• 2017

A stable power supply is very important for the maintenance and operation of the power infrastructure. Accurate power consumption prediction is therefore needed. In particular, a university campus is an institution with one of the highest power consumptions and tends to have a wide variation of electrical load depending on time and environment. For this reason, a model that can accurately predict power consumption is required for the effective operation of the power system. The disadvantage of the existing time series prediction technique is that the prediction performance is greatly degraded because the width of the prediction interval increases as the difference between the learning time and the prediction time increases. In this paper, we first classify power data with similar time series patterns considering the date, day of the week, holiday, and semester. Next, each ARIMA model is constructed based on the classified data set and a daily power consumption forecasting method of the university campus is proposed through the time series cross-validation of the predicted time. In order to evaluate the accuracy of the prediction, we confirmed the validity of the proposed method by applying performance indicators.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.46 no.4
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• pp.152-159
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• 2023

This study endeavors to enrich investment prospects in cryptocurrency by establishing a rationale for investment decisions. The primary objective involves evaluating the predictability of four prominent cryptocurrencies - Bitcoin, Ethereum, Litecoin, and EOS - and scrutinizing the efficacy of trading strategies developed based on the prediction model. To identify the most effective prediction model for each cryptocurrency annually, we employed three methodologies - AutoRegressive Integrated Moving Average (ARIMA), Long Short-Term Memory (LSTM), and Prophet - representing traditional statistics and artificial intelligence. These methods were applied across diverse periods and time intervals. The result suggested that Prophet trained on the previous 28 days' price history at 15-minute intervals generally yielded the highest performance. The results were validated through a random selection of 100 days (20 target dates per year) spanning from January 1st, 2018, to December 31st, 2022. The trading strategies were formulated based on the optimal-performing prediction model, grounded in the simple principle of assigning greater weight to more predictable assets. When the forecasting model indicates an upward trend, it is recommended to acquire the cryptocurrency with the investment amount determined by its performance. Experimental results consistently demonstrated that the proposed trading strategy yields higher returns compared to an equal portfolio employing a buy-and-hold strategy. The cryptocurrency trading model introduced in this paper carries two significant implications. Firstly, it facilitates the evolution of cryptocurrencies from speculative assets to investment instruments. Secondly, it plays a crucial role in advancing deep learning-based investment strategies by providing sound evidence for portfolio allocation. This addresses the black box issue, a notable weakness in deep learning, offering increased transparency to the model.

• Journal of Korean Society for Quality Management
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• v.36 no.4
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• pp.93-101
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• 2008

The rare metals, used for semiconductors, PDP-LCS and other specialized metal areas necessarily, has been playing a key role for the Korean economic development. Rare metals are influenced by exogenous variables, such as production quantity, price and supplied areas. Nowadays the supply base of rare metals is threatened by the sudden increase in price. For the stable supply of rare metals, a rational demand outlook is needed. In this study, focusing on the domestic demand for chromium, the uncertainty and probability materializing from demand and price is analyzed, further, a demand forecast model, which takes into account various exogenous variables, is suggested, differing from the previously static model. Also, through the OOS(out-of-sampling) method, comparing to the preexistence ARIMA model, ARMAX model, multiple regression analysis model and ECM(Error Correction Mode) model, we will verify the superiority of suggested model in this study.