• Proceedings of the Korean Operations and Management Science Society Conference
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• 1993.10a
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• pp.134-152
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• 1993

Many business forecasting problems are characterized by infrequent occurences, a large number of variables, presence of error, and great complexity. Because no forecasting models and tools are effective in handing these problems, managers often use the outcomes of past analogous cases to predict the outcome of the current one. They (1) observe significant attributes in describing a case, (2) identify the past cases similar in these attributes to the current case, and (3) predict the outcome of the current case based on those of the analogous cases identified through some mental simulation and adjustment. This process of forecasting can be termed forecasting-by-analogy. In spite of fairly frequent use of this forecasting process in practice, however, if has not been recognized as a primary forecasting tool, nor applied on a regular basis. In this paper, by automatizing this process using computer models, we develop a case-based forecasting system(CBFS), which identifies relevant cases and applies their outcomes to generate a forecast. We demonstrate the effectiveness of the CBFS in terms of its accuracy in predicting the outcome of the current problem based on the similar cases identified. We compare the forecasting accuracy of the CBFS with that of regression models developed by stepwise procedure under varied simulated problem conditions. The CBFS outperforms regression models in most comparisons. The CBFS could be used as an effective forecasting tool.

• Journal of the Korean Operations Research and Management Science Society
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• v.19 no.2
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• pp.199-215
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• 1994

Many business forecasting problems are characterized by infrequent occurrences, a large number of variables, presence of error, and great complexity. Because no forecasting models and tools are effective in handing these problems, managers often use the outcomes of past analogous cases to predict the outcome of the current one. They (1) observe significant attributes in describing a case, (2) identify the past cases similar in these attributes to the current case, and (3) predict the outcome of the current case based on those of the analogous cases identified through some mental simulation and adjustment. This process of forecasting can be termed forecasting-by-analogy. In spite of fairly frequent use of this forecasting process in practice, however, it has not been recognized as a primary forecasting tool, nor applied on a regular basis. In this paper, by automatizing this process using computer models, we develop a case-based forecasting system (CBFS), which identifies relevant cases and applies their coutcomes to generate a forecast. We demonstrate the effectiveness of the CBFS in terms of its accuracy in predicting the outcome of the current problem based on the similar cases identified. We compare the forecasting accuracy of the CBFS with that of regression models developed by stepwise procedure under varied simulated problem conditions. The CBFS outperforms regression models in most comparisons. The CBFS could be used as an effective forecasting tool.

• International Journal of Advanced Culture Technology
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• v.11 no.4
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• pp.393-405
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• 2023

Accurate prediction of wind speed and power is vital for enhancing the efficiency of wind energy systems. Numerous solutions have been implemented to date, demonstrating their potential to improve forecasting. Among these, deep learning is perceived as a revolutionary approach in the field. However, despite their effectiveness, the noise present in the collected data remains a significant challenge. This noise has the potential to diminish the performance of these algorithms, leading to inaccurate predictions. In response to this, this study explores a novel feature engineering approach. This approach involves altering the data input shape in both Convolutional Neural Network-Long Short-Term Memory (CNN-LSTM) and Autoregressive models for various forecasting horizons. The results reveal substantial enhancements in model resilience against noise resulting from step increases in data. The approach could achieve an impressive 83% accuracy in predicting unseen data up to the 24th steps. Furthermore, this method consistently provides high accuracy for short, mid, and long-term forecasts, outperforming the performance of individual models. These findings pave the way for further research on noise reduction strategies at different forecasting horizons through shape-wise feature engineering.

• Proceedings of the Korea Water Resources Association Conference
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• 2007.05a
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• pp.1592-1596
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• 2007

Accuracy of flood forecasting is an important non-structural measure on the flood control and mitigation. Hence, combination of horologic model with real time error correction became an important issue. It is one of the efficient ways to improve the forecasting precision. In this work, an approach based on Kalman Filter (KF) is proposed to continuously revise state estimates to promote the accuracy of flood forecasting results. The case study refers to the Wi River in Korea, with the flood forecasting results of Xinanjiang model. Compared to the results, the corrected results based on the Kalman filter are more accurate. It proved that this method can take good effect on hydrologic forecasting of Wi River, Korea, although there are also flood peak discharge and flood reach time biases. The average determined coefficient and the peak discharge are quite improved, with the determined coefficient exceeding 0.95 for every year.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.54 no.6
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• pp.259-266
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• 2005

Short-term load forecasting algorithm using neural networks and the sensitivity of temperatures in the summer season is proposed. In recent 10 years, many researchers have focused on artificial neural network approach for the load forecasting. In order to improve the accuracy of the load forecasting, input parameters of neural networks are investigated for three training cases of previous 7-days, 14-days, and 30-days. As the result of the investigation, the training case of previous 7-days is selected in the proposed algorithm. Test results show that the proposed algorithm improves the accuracy of the load forecasting.

• Journal of Intelligence and Information Systems
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• v.4 no.1
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• pp.133-147
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• 1998

Recently, many researchers have been involved in finding deterministic equations which can accurately predict future event, based on chaotic theory, or fractal theory. The theory says that some events which seem very random but internally deterministic can be accurately predicted by fractal equations. In contrast to the conventional methods, such as AR model, MA, model, or ARIMA model, the fractal equation attempts to discover a deterministic order inherent in time series data set. In discovering deterministic order, researchers have found that neural networks are much more effective than the conventional statistical models. Even though prediction accuracy of the network can be different depending on the topological structure and modification of the algorithms, many researchers asserted that the neural network systems outperforms other systems, because of non-linear behaviour of the network models, mechanisms of massive parallel processing, generalization capability based on adaptive learning. However, recent survey shows that prediction accuracy of the forecasting models can be determined by the model structure and data structures. In the experiments based on actual economic data sets, it was found that the prediction accuracy of the neural network model is similar to the performance level of the conventional forecasting model. Especially, for the data set which is deterministically chaotic, the AR model, a conventional statistical model, was not significantly different from the MLP model, a neural network model. This result shows that the forecasting model. This result shows that the forecasting model a, pp.opriate to a prediction task should be selected based on characteristics of the time series data set. Analysis of the characteristics of the data set was performed by fractal analysis, measurement of Hurst index, and measurement of Lyapunov exponents. As a conclusion, a significant difference was not found in forecasting future events for the time series data which is deterministically chaotic, between a conventional forecasting model and a typical neural network model.

• Journal of Korean Society of Transportation
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• v.32 no.6
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• pp.600-614
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• 2014

This paper develops a model to forecast container volumes of all Korean seaports using a Seasonal ARIMA (Autoregressive Integrated Moving Average) technique with the quarterly data from the year of 1994 to 2010. In order to verify forecasting accuracy of the SARIMA model, this paper compares the predicted volumes resulted from the SARIMA model with the actual volumes. Also, the forecasted volumes of the SARIMA model is compared to those of an ARIMA model to demonstrate the superiority as a forecasting model. The results showed the SARIMA Model has a high level of forecasting accuracy and is superior to the ARIMA model in terms of estimation accuracy. Most of the previous research regarding the container-volume forecasting of seaports have been focussed on long-term forecasting with mainly monthly and yearly volume data. Therefore, this paper suggests a new methodology that forecasts shot-term demand with quarterly container volumes and demonstrates the superiority of the SARIMA model as a forecasting methodology.

• International Journal of Control, Automation, and Systems
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• v.6 no.5
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• pp.639-650
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• 2008

Electricity price forecasting has become an integral part of power system operation and control. In this paper, a wavelet transform (WT) based neural network (NN) model to forecast price profile in a deregulated electricity market has been presented. The historical price data has been decomposed into wavelet domain constitutive sub series using WT and then combined with the other time domain variables to form the set of input variables for the proposed forecasting model. The behavior of the wavelet domain constitutive series has been studied based on statistical analysis. It has been observed that forecasting accuracy can be improved by the use of WT in a forecasting model. Multi-scale analysis from one to seven levels of decomposition has been performed and the empirical evidence suggests that accuracy improvement is highest at third level of decomposition. Forecasting performance of the proposed model has been compared with (i) a heuristic technique, (ii) a simulation model used by Ontario's Independent Electricity System Operator (IESO), (iii) a Multiple Linear Regression (MLR) model, (iv) NN model, (v) Auto Regressive Integrated Moving Average (ARIMA) model, (vi) Dynamic Regression (DR) model, and (vii) Transfer Function (TF) model. Forecasting results show that the performance of the proposed WT based NN model is satisfactory and it can be used by the participants to respond properly as it predicts price before closing of window for submission of initial bids.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.65 no.5
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• pp.718-723
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• 2016

The temperature changes are very important in improving the accuracy of the load forecasting during the summer. It is because the cooling load in summer contribute to the increasing of the load. This paper proposes a weekend load forecasting algorithm using the temperature change characteristic in a summer of Jeju. The days before and after weekends in Jeju, when the load curves are quite different from those of normal weekdays. The temperature change characteristic are obtained by using weekends peak load and high temperature data. And load forecasted based on the sensitivity between unit temperature changes and load variations. Load forecast data with better accuracy are obtained by using the proposed temperature changes than by using the ordinary daily peak load forecasting. The method can be used to reduce the error rate of load forecast.

• Journal of Environmental Science International
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• v.24 no.8
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• pp.1023-1036
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• 2015

A reliable streamflow forecasting is essential for flood disaster prevention, reservoir operation, water supply and water resources management. This study proposes a hybrid model for river stage forecasting and investigates its accuracy. The proposed model is the wavelet packet-based artificial neural network(WPANN). Wavelet packet transform(WPT) module in WPANN model is employed to decompose an input time series into approximation and detail components. The decomposed time series are then used as inputs of artificial neural network(ANN) module in WPANN model. Based on model performance indexes, WPANN models are found to produce better efficiency than ANN model. WPANN-sym10 model yields the best performance among all other models. It is found that WPT improves the accuracy of ANN model. The results obtained from this study indicate that the conjunction of WPT and ANN can improve the efficiency of ANN model and can be a potential tool for forecasting river stage more accurately.