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Volume 3, September

Forecasting, Volume 3, Issue 4 (December 2021) – 14 articles

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Article
Improving Hotel Room Demand Forecasts for Vienna across Hotel Classes and Forecast Horizons: Single Models and Combination Techniques Based on Encompassing Tests
Forecasting 2021, 3(4), 884-919; https://doi.org/10.3390/forecast3040054 (registering DOI) - 27 Nov 2021
Viewed by 273
Abstract
The present study employs daily data made available by the STR SHARE Center covering the period from 1 January 2010 to 31 January 2020 for six Viennese hotel classes and their total. The forecast variable of interest is hotel room demand. As forecast [...] Read more.
The present study employs daily data made available by the STR SHARE Center covering the period from 1 January 2010 to 31 January 2020 for six Viennese hotel classes and their total. The forecast variable of interest is hotel room demand. As forecast models, (1) Seasonal Naïve, (2) Error Trend Seasonal (ETS), (3) Seasonal Autoregressive Integrated Moving Average (SARIMA), (4) Trigonometric Seasonality, Box–Cox Transformation, ARMA Errors, Trend and Seasonal Components (TBATS), (5) Seasonal Neural Network Autoregression (Seasonal NNAR), and (6) Seasonal NNAR with an external regressor (seasonal naïve forecast of the inflation-adjusted ADR) are employed. Forecast evaluation is carried out for forecast horizons h = 1, 7, 30, and 90 days ahead based on rolling windows. After conducting forecast encompassing tests, (a) mean, (b) median, (c) regression-based weights, (d) Bates–Granger weights, and (e) Bates–Granger ranks are used as forecast combination techniques. In the relative majority of cases (i.e., in 13 of 28), combined forecasts based on Bates–Granger weights and on Bates–Granger ranks provide the highest level of forecast accuracy in terms of typical measures. Finally, the employed methodology represents a fully replicable toolkit for practitioners in terms of both forecast models and forecast combination techniques. Full article
(This article belongs to the Special Issue Tourism Forecasting: Time-Series Analysis of World and Regional Data)
Article
COVID-19 and Tourism: Analyzing the Effects of COVID-19 Statistics and Media Coverage on Attitudes toward Tourism
Forecasting 2021, 3(4), 870-883; https://doi.org/10.3390/forecast3040053 - 17 Nov 2021
Viewed by 461
Abstract
COVID-19 has significantly influenced tourism, including tourists’ and residents’ attitudes toward tourism. At the same time, attitudes and consumer confidence are important for economic recovery in the tourism sector. This study explores the effects of the COVID-19 pandemic on people’s attitudes toward tourism [...] Read more.
COVID-19 has significantly influenced tourism, including tourists’ and residents’ attitudes toward tourism. At the same time, attitudes and consumer confidence are important for economic recovery in the tourism sector. This study explores the effects of the COVID-19 pandemic on people’s attitudes toward tourism by analyzing time-series data on the number of COVID-19 positive cases, vaccinations, news sentiment, a total number of daily mentions of tourism, and the share of voice for positive and negative sentiment toward tourism. The applied data analysis techniques include descriptive analysis, visual representation of data, data decomposition into trend and cycle components, unit root tests, Granger causality test, and multiple time series regression. The results demonstrate that the COVID-19 statistics and media coverage have significant effects on interest in tourism in general, as well as the positive and negative sentiment toward tourism. The results contribute to knowledge and practice by describing the effects of the disease statistics on attitudes toward tourism, introducing social media sentiment analysis as an opportunity to measure positive and negative sentiment toward tourism, and providing recommendations for government authorities, destination management organizations, and tourism providers. Full article
(This article belongs to the Special Issue Tourism Forecasting: Time-Series Analysis of World and Regional Data)
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Editorial
Forecasting with Machine Learning Techniques
Forecasting 2021, 3(4), 868-869; https://doi.org/10.3390/forecast3040052 - 16 Nov 2021
Viewed by 285
Abstract
The decision-maker is increasingly utilising machine learning (ML) techniques to find patterns in huge quantities of real-time data [...] Full article
(This article belongs to the Special Issue Forecasting with Machine Learning Techniques)
Article
Landslide Forecast by Time Series Modeling and Analysis of High-Dimensional and Non-Stationary Ground Motion Data
Forecasting 2021, 3(4), 850-867; https://doi.org/10.3390/forecast3040051 - 12 Nov 2021
Viewed by 157
Abstract
High-dimensional, non-stationary vector time-series data are often seen in ground motion monitoring of geo-hazard events, e.g., landslides. For timely and reliable forecasts from such data, we developed a new statistical approach based on two advanced econometric methods, i.e., error-correction cointegration (ECC) and vector [...] Read more.
High-dimensional, non-stationary vector time-series data are often seen in ground motion monitoring of geo-hazard events, e.g., landslides. For timely and reliable forecasts from such data, we developed a new statistical approach based on two advanced econometric methods, i.e., error-correction cointegration (ECC) and vector autoregression (VAR), and a newly developed dimension reduction technique named empirical dynamic quantiles (EDQ). Our ECC–VAR–EDQ method was born by analyzing a big landslide dataset, comprising interferometric synthetic-aperture radar (InSAR) measurements of ground displacement that were observed at 5090 time states and 1803 locations on a slope. The aim was to develop an early warning system for reliably forecasting any impending slope failure whenever a precursory slope deformation is on the horizon. Specifically, we first reduced the spatial dimension of the observed landslide data by representing them as a small set of EDQ series with negligible loss of information. We then used the ECC–VAR model to optimally fit these EDQ series, from which forecasts of future ground motion can be efficiently computed. Moreover, our method is able to assess the future landslide risk by computing the relevant probability of ground motion to exceed a red-alert threshold level at each future time state and location. Applying the ECC–VAR–EDQ method to the motivating landslide data gives a prediction of the incoming slope failure more than 8 days in advance. Full article
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Article
Bootstrapped Holt Method with Autoregressive Coefficients Based on Harmony Search Algorithm
Forecasting 2021, 3(4), 839-849; https://doi.org/10.3390/forecast3040050 - 04 Nov 2021
Viewed by 200
Abstract
Exponential smoothing methods are one of the classical time series forecasting methods. It is well known that exponential smoothing methods are powerful forecasting methods. In these methods, exponential smoothing parameters are fixed on time, and they should be estimated with efficient optimization algorithms. [...] Read more.
Exponential smoothing methods are one of the classical time series forecasting methods. It is well known that exponential smoothing methods are powerful forecasting methods. In these methods, exponential smoothing parameters are fixed on time, and they should be estimated with efficient optimization algorithms. According to the time series component, a suitable exponential smoothing method should be preferred. The Holt method can produce successful forecasting results for time series that have a trend. In this study, the Holt method is modified by using time-varying smoothing parameters instead of fixed on time. Smoothing parameters are obtained for each observation from first-order autoregressive models. The parameters of the autoregressive models are estimated by using a harmony search algorithm, and the forecasts are obtained with a subsampling bootstrap approach. The main contribution of the paper is to consider the time-varying smoothing parameters with autoregressive equations and use the bootstrap method in an exponential smoothing method. The real-world time series are used to show the forecasting performance of the proposed method. Full article
(This article belongs to the Special Issue Feature Papers of Forecasting 2021)
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Article
Different Forecasting Horizons Based Performance Analysis of Electricity Load Forecasting Using Multilayer Perceptron Neural Network
Forecasting 2021, 3(4), 804-838; https://doi.org/10.3390/forecast3040049 - 02 Nov 2021
Viewed by 309
Abstract
With an uninterrupted power supply to the consumer, it is obligatory to balance the electricity generated by the electricity load. The effective planning of economic dispatch, reserve requirements, and quality power provision for accurate consumer information concerning the electricity load is needed. The [...] Read more.
With an uninterrupted power supply to the consumer, it is obligatory to balance the electricity generated by the electricity load. The effective planning of economic dispatch, reserve requirements, and quality power provision for accurate consumer information concerning the electricity load is needed. The burden on the power system engineers eased electricity load forecasting is essential to ensure the enhanced power system operation and planning for reliable power provision. Fickle nature, atmospheric parameters influence makes electricity load forecasting a very complex and challenging task. This paper proposed a multilayer perceptron neural network (MLPNN) with an association of recursive fine-tuning strategy-based different forecasting horizons model for electricity load forecasting. We consider the atmospheric parameters as the inputs to the proposed model, overcoming the atmospheric effect on electricity load forecasting. Hidden layers and hidden neurons based on performance investigation performed. Analyzed performance of the proposed model with other existing models; the comparative performance investigation reveals that the proposed forecasting model performs rigorous with a minimal evaluation index (mean square error (MSE) of 1.1506 × 10−05 for Dataset 1 and MSE of 4.0142 × 10−07 for Dataset 2 concern to the single hidden layer and MSE of 2.9962 × 10−07 for Dataset 1, and MSE of 1.0425 × 10−08 for Dataset 2 concern to two hidden layers based proposed model) and compared to the considered existing models. The proposed neural network possesses a good forecasting ability because we develop based on various atmospheric parameters as the input variables, which overcomes the variance. It has a generic performance capability for electricity load forecasting. The proposed model is robust and more reliable. Full article
(This article belongs to the Special Issue Advanced Forecasting Methods with Applications to Smart Grids)
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Article
Forecasting Internal Migration in Russia Using Google Trends: Evidence from Moscow and Saint Petersburg
Forecasting 2021, 3(4), 774-803; https://doi.org/10.3390/forecast3040048 - 28 Oct 2021
Viewed by 343
Abstract
This paper examines the suitability of Google Trends data for the modeling and forecasting of interregional migration in Russia. Monthly migration data, search volume data, and macro variables are used with a set of univariate and multivariate models to study the migration data [...] Read more.
This paper examines the suitability of Google Trends data for the modeling and forecasting of interregional migration in Russia. Monthly migration data, search volume data, and macro variables are used with a set of univariate and multivariate models to study the migration data of the two Russian cities with the largest migration inflows: Moscow and Saint Petersburg. The empirical analysis does not provide evidence that the more people search online, the more likely they are to relocate to other regions. However, the inclusion of Google Trends data in a model improves the forecasting of the migration flows, because the forecasting errors are lower for models with internet search data than for models without them. These results also hold after a set of robustness checks that consider multivariate models able to deal with potential parameter instability and with a large number of regressors. Full article
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Article
Assessing Goodness of Fit for Verifying Probabilistic Forecasts
Forecasting 2021, 3(4), 763-773; https://doi.org/10.3390/forecast3040047 - 27 Oct 2021
Viewed by 367
Abstract
The verification of probabilistic forecasts in hydro-climatology is integral to their development, use, and adoption. We propose here a means of utilizing goodness of fit measures for verifying the reliability of probabilistic forecasts. The difficulty in measuring the goodness of fit for a [...] Read more.
The verification of probabilistic forecasts in hydro-climatology is integral to their development, use, and adoption. We propose here a means of utilizing goodness of fit measures for verifying the reliability of probabilistic forecasts. The difficulty in measuring the goodness of fit for a probabilistic prediction or forecast is that predicted probability distributions for a target variable are not stationary in time, meaning one observation alone exists to quantify goodness of fit for each prediction issued. Therefore, we suggest an additional dissociation that can dissociate target information from the other time variant part—the target to be verified in this study is the alignment of observations to the predicted probability distribution. For this dissociation, the probability integral transformation is used. To measure the goodness of fit for the predicted probability distributions, this study uses the root mean squared deviation metric. If the observations after the dissociation can be assumed to be independent, the mean square deviation metric becomes a chi-square test statistic, which enables statistically testing the hypothesis regarding whether the observations are from the same population as the predicted probability distributions. An illustration of our proposed rationale is provided using the multi-model ensemble prediction for El Niño–Southern Oscillation. Full article
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Article
Examining Deep Learning Architectures for Crime Classification and Prediction
Forecasting 2021, 3(4), 741-762; https://doi.org/10.3390/forecast3040046 - 12 Oct 2021
Viewed by 373
Abstract
In this paper, a detailed study on crime classification and prediction using deep learning architectures is presented. We examine the effectiveness of deep learning algorithms in this domain and provide recommendations for designing and training deep learning systems for predicting crime areas, using [...] Read more.
In this paper, a detailed study on crime classification and prediction using deep learning architectures is presented. We examine the effectiveness of deep learning algorithms in this domain and provide recommendations for designing and training deep learning systems for predicting crime areas, using open data from police reports. Having time-series of crime types per location as training data, a comparative study of 10 state-of-the-art methods against 3 different deep learning configurations is conducted. In our experiments with 5 publicly available datasets, we demonstrate that the deep learning-based methods consistently outperform the existing best-performing methods. Moreover, we evaluate the effectiveness of different parameters in the deep learning architectures and give insights for configuring them to achieve improved performance in crime classification and finally crime prediction. Full article
(This article belongs to the Special Issue Improved Forecasting through Artificial Intelligence)
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Article
Bayesian Forecasting of Dynamic Extreme Quantiles
Forecasting 2021, 3(4), 729-740; https://doi.org/10.3390/forecast3040045 - 11 Oct 2021
Viewed by 324
Abstract
In this paper, we provide a novel Bayesian solution to forecasting extreme quantile thresholds that are dynamic in nature. This is an important problem in many fields of study including climatology, structural engineering, and finance. We utilize results from extreme value theory to [...] Read more.
In this paper, we provide a novel Bayesian solution to forecasting extreme quantile thresholds that are dynamic in nature. This is an important problem in many fields of study including climatology, structural engineering, and finance. We utilize results from extreme value theory to provide the backdrop for developing a state-space model for the unknown parameters of the observed time-series. To solve for the requisite probability densities, we derive a Rao-Blackwellized particle filter and, most importantly, a computationally efficient, recursive solution. Using the filter, the predictive distribution of future observations, conditioned on the past data, is forecast at each time-step and used to compute extreme quantile levels. We illustrate the improvement in forecasting ability, versus traditional methods, using simulations and also apply our technique to financial market data. Full article
(This article belongs to the Special Issue Bayesian Time Series Forecasting)
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Article
On the Autoregressive Time Series Model Using Real and Complex Analysis
Forecasting 2021, 3(4), 716-728; https://doi.org/10.3390/forecast3040044 - 11 Oct 2021
Viewed by 405
Abstract
The autoregressive model is a tool used in time series analysis to describe and model time series data. Its main structure is a linear equation using the previous values to compute the next time step; i.e., the short time relationship is the core [...] Read more.
The autoregressive model is a tool used in time series analysis to describe and model time series data. Its main structure is a linear equation using the previous values to compute the next time step; i.e., the short time relationship is the core component of the autoregressive model. Therefore, short-term effects can be modeled in an easy way, but the global structure of the model is not obvious. However, this global structure is a crucial aid in the model selection process in data analysis. If the global properties are not reflected in the data, a corresponding model is not compatible. This helpful knowledge avoids unsuccessful modeling attempts. This article analyzes the global structure of the autoregressive model through the derivation of a closed form. In detail, the closed form of an autoregressive model consists of the basis functions of a fundamental system of an ordinary differential equation with constant coefficients; i.e., it consists of a combination of polynomial factors with sinusoidal, cosinusoidal, and exponential functions. This new insight supports the model selection process. Full article
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Article
Deterministic-Probabilistic Approach to Predict Lightning-Caused Forest Fires in Mounting Areas
Forecasting 2021, 3(4), 695-715; https://doi.org/10.3390/forecast3040043 - 27 Sep 2021
Viewed by 392
Abstract
Forest fires from lightnings create a tense situation in various regions of states with forested areas. It is noted that in mountainous areas this is especially important in view of the geophysical processes of lightning activity. The aim of the study is to [...] Read more.
Forest fires from lightnings create a tense situation in various regions of states with forested areas. It is noted that in mountainous areas this is especially important in view of the geophysical processes of lightning activity. The aim of the study is to develop a deterministic-probabilistic approach to predicting forest fire danger due to lightning activity in mountainous regions. To develop a mathematical model, the main provisions of the theory of probability and mathematical statistics, as well as the general theory of heat transfer, were used. The scientific novelty of the research is due to the complex use of probabilistic criteria and deterministic mathematical models of tree ignition by a cloud-to-ground lightning discharge. The paper presents probabilistic criteria for predicting forest fire danger, taking into account the lightning activity, meteorological data, and forest growth conditions, as well as deterministic mathematical models of ignition of deciduous and coniferous trees by electric current of a cloud-to-ground lightning discharge. The work uses synthetic data on the discharge parameters and characteristics of the forest-covered area, which correspond to the forest fire situation in the Republic of Altay and the Republic of Buryatia (Russian Federation). The dependences of the probability for occurrence of forest fires on various parameters have been obtained. Full article
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Article
A Real-Time Data Analysis Platform for Short-Term Water Consumption Forecasting with Machine Learning
Forecasting 2021, 3(4), 682-694; https://doi.org/10.3390/forecast3040042 - 26 Sep 2021
Viewed by 507
Abstract
This article presents a real-time data analysis platform to forecast water consumption with Machine-Learning (ML) techniques. The strategy fully relies on a web-oriented architecture to ensure better management and optimized monitoring of water consumption. This monitoring is carried out through a communicating system [...] Read more.
This article presents a real-time data analysis platform to forecast water consumption with Machine-Learning (ML) techniques. The strategy fully relies on a web-oriented architecture to ensure better management and optimized monitoring of water consumption. This monitoring is carried out through a communicating system for collecting data in the form of unevenly spaced time series. The platform is completed by learning capabilities to analyze and forecast water consumption. The analysis consists of checking the data integrity and inconsistency, in looking for missing data, and in detecting abnormal consumption. Forecasting is based on the Long Short-Term Memory (LSTM) and the Back-Propagation Neural Network (BPNN). After evaluation, results show that the ML approaches can predict water consumption without having prior knowledge about the data and the users. The LSTM approach, by being able to grab the long-term dependencies between time steps of water consumption, allows the prediction of the amount of consumed water in the next hour with an error of some liters and the instants of the 5 next consumed liters in some milliseconds. Full article
(This article belongs to the Special Issue Feature Papers of Forecasting 2021)
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Article
Battery Sizing for Different Loads and RES Production Scenarios through Unsupervised Clustering Methods
Forecasting 2021, 3(4), 663-681; https://doi.org/10.3390/forecast3040041 - 24 Sep 2021
Viewed by 500
Abstract
The increasing penetration of Renewable Energy Sources (RESs) in the energy mix is determining an energy scenario characterized by decentralized power production. Between RESs power generation technologies, solar PhotoVoltaic (PV) systems constitute a very promising option, but their production is not programmable due [...] Read more.
The increasing penetration of Renewable Energy Sources (RESs) in the energy mix is determining an energy scenario characterized by decentralized power production. Between RESs power generation technologies, solar PhotoVoltaic (PV) systems constitute a very promising option, but their production is not programmable due to the intermittent nature of solar energy. The coupling between a PV facility and a Battery Energy Storage System (BESS) allows to achieve a greater flexibility in power generation. However, the design phase of a PV+BESS hybrid plant is challenging due to the large number of possible configurations. The present paper proposes a preliminary procedure aimed at predicting a family of batteries which is suitable to be coupled with a given PV plant configuration. The proposed procedure is applied to new hypothetical plants built to fulfill the energy requirements of a commercial and an industrial load. The energy produced by the PV system is estimated on the basis of a performance analysis carried out on similar real plants. The battery operations are established through two decision-tree-like structures regulating charge and discharge respectively. Finally, an unsupervised clustering is applied to all the possible PV+BESS configurations in order to identify the family of feasible solutions. Full article
(This article belongs to the Special Issue Feature Papers of Forecasting 2021)
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