• Journal of the Korean Society for Aviation and Aeronautics
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• v.28 no.4
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• pp.147-153
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• 2020

This study analyzed the outlook for aviation demand for the recovery of the aviation industry, focusing on airlines facing difficulties in management due to the Covid-19 crisis. Although the timing of the recovery in aviation demand is uncertain at the moment, this study is based on prior research related to Covid-19 and forecasts by aviation specialists, and analyzed by SWOT technique to a group of aviation experts to derive and suggest implications for the prospects of aviation demand. Looking at the implications based on the analysis results, first, customer trust to prevent infection should be considered a top priority for recovering aviation demand. Second, promote reasonable air price policy. Finally, it seeks to try various research and analysis techniques to predict long-term aviation demand to overcome Covid-19.

• Environmental and Resource Economics Review
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• v.28 no.3
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• pp.437-465
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• 2019

In this study, we propose a new method to forecast long-term energy demand in Korea. Based on Chang et al. (2016), which models the time varying long-run relationship between electricity demand and GDP with a function coefficient panel model, we design several schemes to retain objectivity of the forecasting model. First, we select the bandwidth parameters for the income coefficient based on the out-of-sample forecasting performance. Second, we extend the income coefficient using the functional principal component analysis method. Third, we proposed a method to reflect the elasticity change patterns inherent in Korea. In the empirical analysis part, we forecasts the long-term energy demand in Korea using the proposed method to show that the proposed method generates more stable long term forecasts than the existing methods.

• Journal of Korean Society of Water and Wastewater
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• v.21 no.1
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• pp.75-82
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• 2007

When one forecasts urban water demand in a long-term, multivariate model can give more benefits than per capita requirement model. However, the former has shortcomings in that statistically high explanatory power cannot be obtained well, and change in customer behavior cannot be considered. If the past water consumption effects the future water demand, dynamic model may describe real water consumption data better than static model, i.e. the existing multivariate model. On these grounds, this study built dynamic model using system dynamics. From a case study in Seoul and Busan city, dynamic model was expected to forecast water demand more descriptively and reliably.

• Proceedings of the KIEE Conference
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• summer
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• pp.1260-1262
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• 2004

Direct Load Control(DLC) system is a load management program for stablization of electric power supply-demand. It is a series of acts limiting the demand of selected demand side at peak load or other time periods. Recently, power supply-demand instability due to dramatic increase in power usage such as summertime air-conditioning load has brought forecasts of decrease in power supply capability. Therefore heightening the load factor through systematic load management, in other words, Direct Load Control became necessary. By examining the composition and operation of the DLC system, this paper provides conceptional understanding of the DLC system and help in system research.

• Journal of Energy Engineering
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• v.28 no.4
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• pp.82-93
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• 2019

In this study, a new model is proposed to improve the problem of the decline of predict rate of heat demand on a particular date, such as a public holiday for the conventional heat demand forecasting system. The proposed model was the Four Season Mixed Heat Demand Prediction Neural Network Model, which showed an increase in the forecast rate of heat demand, especially for each type of forecast date (weekday/weekend/holiday). The proposed model was selected through the following process. A model with an even error for each type of forecast date in a particular season is selected to form the entire forecast model. To avoid shortening learning time and excessive learning, after each of the four different models that were structurally simplified were learning and a model that showed optimal prediction error was selected through various combinations. The output of the model is the hourly 24-hour heat demand at the forecast date and the total is the daily total heat demand. These forecasts enable efficient heat supply planning and allow the selection and utilization of output values according to their purpose. For daily heat demand forecasts for the proposed model, the overall MAPE improved from 5.3~6.1% for individual models to 5.2% and the forecast for holiday heat demand greatly improved from 4.9~7.9% to 2.9%. The data in this study utilized 34 months of heat demand data from a specific apartment complex provided by the Korea District Heating Corp. (January 2015 to October 2017).

• Journal of Korea Trade
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• v.25 no.4
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• pp.17-36
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• 2021

Purpose - This study provides useful information to stakeholders by forecasting the tramp shipping market, which is a completely competitive market and has a huge fluctuation in freight rates due to low barriers to entry. Moreover, this study provides the most effective parameters for Baltic Dry Index (BDI) prediction and an optimal model by analyzing and comparing deep learning models such as the artificial neural network (ANN), recurrent neural network (RNN), and long short-term memory (LSTM). Design/methodology - This study uses various data models based on big data. The deep learning models considered are specialized for time series models. This study includes three perspectives to verify useful models in time series data by comparing prediction accuracy according to the selection of external variables and comparison between models. Findings - The BDI research reflecting the latest trends since 2015, using weekly data from 1995 to 2019 (25 years), is employed in this study. Additionally, we tried finding the best combination of BDI forecasts through the input of external factors such as supply, demand, raw materials, and economic aspects. Moreover, the combination of various unpredictable external variables and the fundamentals of supply and demand have sought to increase BDI prediction accuracy. Originality/value - Unlike previous studies, BDI forecasts reflect the latest stabilizing trends since 2015. Additionally, we look at the variation of the model's predictive accuracy according to the input of statistically validated variables. Moreover, we want to find the optimal model that minimizes the error value according to the parameter adjustment in the ANN model. Thus, this study helps future shipping stakeholders make decisions through BDI forecasts.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.63 no.11
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• pp.1503-1510
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• 2014

This study organizes scenarios on the power supply plans and electricity load forecasts considering their uncertainties and estimates natural gas quantity for electricity generation, total electricity supply cost and air pollutant emission of each scenario. Also the analysis is performed to check the properness of government's natural gas demand forecast and the possibility of achieving the government's CO2 emission target with the current plan and other scenarios. In result, no scenario satisfies the government's CO2 emission target and the natural gas demand could be doubled to the government's forecast. As under-forecast of natural gas demand has caused the increased natural gas procurement cost, it is required to consider uncertainties of power plant construction plan and electricity demand forecast in forecasting the natural gas demand. In addition, it is found that CO2 emission target could be achieved by enlarging natural gas use and demand-side management without big increase of total costs.

• Journal of the Korean Society for Aviation and Aeronautics
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• v.20 no.1
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• pp.66-75
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• 2012

The purpose of this study is to analyze the effect of intervention variables which may affect the air travel demand for Jeju domestic flights and to anticipate the air travel demand for Jeju domestic flights. The air travel demand forecasts for Jeju domestic flights are conducted through ARIMA-Intervention Model selecting five intervention variables such as 2002 World Cup games, SARS, novel swine-origin influenza A, Yeonpyeongdo bombardment and Japan big earthquake. The result revealed that the risk factor such as the threat of war that is a negative intervention incident and occurred in Korea has the negative impact on the air travel demand due to the response of risk aversion by users. However, when local natural disasters (earthquakes, etc) occurring in neighboring courtiers and global outbreak of an epidemic gave the negligible impact to Korea, negative intervention incident would have a positive impact on air travel demand as a response to find alternative due to rational expectation of air travel customers. Also we realize that a mega-event such as the 2002 Korea-Japan World Cup games reduced the air travel demand in a short-term period unlike the perception in which it will increase the air travel demand and travel demands in the corresponding area.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2007.11a
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• pp.183-189
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• 2007

In this paper, we developed the fuzzy group method data handling-type (GMDH) Model and applied it to demand forecasting of educational expenses. At present, GMDH family of modeling algorithms discovers the structure of empirical models and it gives only the way to get the most accurate identification and demand forecasts in case of noised and short input sampling. In distinction to fuzzy system, the results are explicit mathematical models, obtained in a relative short time. In this paper, an adaptive learning network is proposed as a kind of fuzzy GMDH. The proposed method can be reinterpreted as a multi-stage fuzzy decision rule which is called as the fuzzy GMDH. The fuzzy GMDH-type networks have several advantages compared with conventional multi-layered GMDH models. Therefore, many types of nonlinear systems can be automatically modeled by using the fuzzy GMDH. A computer program is developed and successful applications are shown in the field of demand forecasting problem of educational expenses with the number of factors considered.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.43 no.4
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• pp.59-66
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• 2020

In this study, we consider the problem of forecasting the number of inbound foreigners visiting Korea. Forecasting tourism demand is an essential decision to plan related facilities and staffs, thus many studies have been carried out, mainly focusing on the number of inbound or outbound tourists. In order to forecast tourism demand, we use a seasonal ARIMA (SARIMA) model, as well as a SARIMAX model which additionally comprises an exogenous variable affecting the dependent variable, i.e., tourism demand. For constructing the forecasting model, we use a search procedure that can be used to determine the values of the orders of the SARIMA and SARIMAX. For the exogenous variable, we introduce factors that could cause the tourism demand reduction, such as the 9/11 attack, the SARS and MERS epidemic, and the deployment of THAAD. In this study, we propose a procedure, called Measuring Impact on Demand (MID), where the impact of each factor on tourism demand is measured and the value of the exogenous variable corresponding to the factor is determined based on the measurement. To show the performance of the proposed forecasting method, an empirical analysis was conducted where the monthly number of foreign visitors in 2019 were forecasted. It was shown that the proposed method can find more accurate forecasts than other benchmarks in terms of the mean absolute percentage error (MAPE).