A granular time series approach to long-term forecasting and trend forecasting
To overcome the “curse of dimensionality” (which plagues most predictors (predictive models) when carrying out long-term forecasts) and cope with uncertainty present in many time series, in this study, we introduce a concept of granular time series which are used to long-term forecasting and trend forecasting. A technique of fuzzy clustering is used to construct information granules on a basis of available numeric data present in the original time series. In the sequel, we develop a forecasting model which captures the essential relationships between such information granules and in this manner constructs a fundamental forecasting mechanism. It is demonstrated that the proposed model comes with a number of advantages which manifest when processing a large number of data. Experimental evidence is provided through a series of examples using which we quantify the performance of the forecasting model and provide with some comparative analysis.
Volume (Year): 387 (2008)
Issue (Month): 13 ()
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- Snyder, Ralph D. & Koehler, Anne B. & Ord, J. Keith, 2002.
"Forecasting for inventory control with exponential smoothing,"
International Journal of Forecasting,
Elsevier, vol. 18(1), pages 5-18.
- Snyder, R.D. & Koehler, A. & Ord, K., 1999. "Forecasting for Inventory Control with Exponential Smoothing," Monash Econometrics and Business Statistics Working Papers 10/99, Monash University, Department of Econometrics and Business Statistics.
- Huarng, Kunhuang & Yu, Tiffany Hui-Kuang, 2006. "The application of neural networks to forecast fuzzy time series," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 363(2), pages 481-491.
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