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1 – 10 of 108Dharyll Prince Mariscal Abellana, Donna Marie Canizares Rivero, Ma. Elena Aparente and Aries Rivero
This paper aims to propose a hybrid-forecasting model for long-term tourism demand forecasting. As such, it attempts to model the tourism demand in the Philippines, which is a…
Abstract
Purpose
This paper aims to propose a hybrid-forecasting model for long-term tourism demand forecasting. As such, it attempts to model the tourism demand in the Philippines, which is a relatively underrepresented area in the literature, despite its tourism sector’s growing economic progress.
Design/methodology/approach
A hybrid support vector regression (SVR) – seasonal autoregressive integrated moving averages (SARIMA) model is proposed to model the seasonal, linear and nonlinear components of the tourism demand in a destination country. The paper further proposes the use of multiple criteria decision-making (MCDM) approaches in selecting the best forecasting model among a set of considered models. As such, a preference ranking organization method for enrichment of evaluations (PROMETHEE) II is used to rank the considered forecasting models.
Findings
The proposed hybrid SVR-SARIMA model is the best performing model among a set of considered models in this paper using performance criteria that evaluate the errors of magnitude, directionality and trend change, of a forecasting model. Moreover, the use of the MCDM approach is found to be a relevant and prospective approach in selecting the best forecasting model among a set of models.
Originality/value
The novelty of this paper lies in several aspects. First, this paper pioneers the demonstration of the SVR-SARIMA model’s capability in forecasting long-term tourism demand. Second, this paper is the first to have proposed and demonstrated the use of an MCDM approach for performing model selection in forecasting. Finally, this paper is one of the very few papers to provide lenses on the current status of Philippine tourism demand.
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Michele Cedolin and Mujde Erol Genevois
The research objective is to increase the computational efficiency of the automated teller machine (ATM) cash demand forecasting problem. It proposes a practical decision-making…
Abstract
Purpose
The research objective is to increase the computational efficiency of the automated teller machine (ATM) cash demand forecasting problem. It proposes a practical decision-making process that uses aggregated time series of a bank's ATM network. The purpose is to decrease ATM numbers that will be forecasted by individual models, by finding the machines’ cluster where the forecasting results of the aggregated series are appropriate to use.
Design/methodology/approach
A comparative statistical forecasting approach is proposed in order to reduce the calculation complexity of an ATM network by using the NN5 competition data set. Integrated autoregressive moving average (ARIMA) and its seasonal version SARIMA are fitted to each time series. Then, averaged time series are introduced to simplify the forecasting process carried out for each ATM. The ATMs that are forecastable with the averaged series are identified by calculating the forecasting accuracy change in each machine.
Findings
The proposed approach is evaluated by different error metrics and is compared to the literature findings. The results show that the ATMs that have tolerable accuracy loss may be considered as a cluster and can be forecasted with a single model based on the aggregated series.
Research limitations/implications
The research is based on the public data set. Financial institutions do not prefer to share their ATM transactions data, therefore accessible data are limited.
Practical implications
The proposed practical approach will be beneficial for financial institutions to use, that hold an excessive number of ATMs because it reduces the computational time and resources allocated for the forecasting process.
Originality/value
This study offers an effective simplified methodology to the challenging cash demand forecasting process by introducing an aggregated time series approach.
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To propose an accurate product reliability prediction model in order to enhance product quality and reduce product costs.
Abstract
Purpose
To propose an accurate product reliability prediction model in order to enhance product quality and reduce product costs.
Design/methodology/approach
This study proposes a method for analysing and forecasting field failure data for repairable systems. The novel method constructs a predictive model by combining the seasonal autoregressive integrated‐moving average (SARIMA) method and neural network model.
Findings
Current methods for analysing and forecasting field failure data for repairable systems do not consider the seasonal effect in the data. The proposed method can not only analyse the trends and seasonal vibration of the data, but can also forecast the short‐ and long‐term reliability of the system based on only a small amount of historical data.
Research limitations/implications
This study adopts only real failure data from an electronic system to verify the feasibility and effectiveness of the proposed method. Future research may use other product's failure data to verify the proposed method.
Practical implications
Results in this study can provide a valuable reference for engineers when constructing quality feedback systems for assessing current quality conditions, providing logistical support, correcting product design, facilitating optimal component‐replacement and maintenance strategies, and ensuring that products meet quality requirements.
Originality/value
The proposed method is superior to other prediction techniques in predicting future real failure data.
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Huan Wang, Yuhong Wang and Dongdong Wu
To predict the passenger volume reasonably and accurately, this paper fills the gap in the research of quarterly data forecast of railway passenger volume. The research results…
Abstract
Purpose
To predict the passenger volume reasonably and accurately, this paper fills the gap in the research of quarterly data forecast of railway passenger volume. The research results can also provide references for railway departments to plan railway operation lines reasonably and efficiently.
Design/methodology/approach
This paper intends to establish a seasonal cycle first order univariate grey model (GM(1,1) model) combing with a seasonal index. GM (1,1) is termed as the trend equation to fit the railway passenger volume in China from 2014 to 2018. The railway passenger volume in 2019 is used as the experimental data to verify the forecasting effect of the proposed model. The forecasting results of the seasonal cycle GM (1,1) model are compared with the traditional GM (1,1) model, seasonal grey model (SGM(1,1)), Seasonal Autoregressive Integrated Moving Average (SARIMA) model, moving average method and exponential smoothing method. Finally, the authors forecast the railway passenger volume from 2020 to 2022.
Findings
The quarterly data of national railway passenger volume have a clear tendency of cyclical fluctuations and show an annual growth trend. According to the comparison of the modeling results, the authors know that the seasonal cycle GM (1,1) model has the best prediction effect with the mean absolute percentage error of 1.32%. It is much better than the other models, reflecting the feasibility of the proposed model.
Originality/value
As the previous grey prediction model could not solve the series prediction problem with seasonal fluctuation, and there are few research studies on quarterly railway passenger volume forecasting, GM (1,1) model is taken as the trend equation and combined with the seasonal index to construct a combination forecasting model for accurate forecasting results in this study. Besides, considering the impact of the epidemic on passenger volume, the authors introduce a disturbance factor to deal with the forecasting results in 2020, making the modeling results more scientific, practical and referential.
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Mohamed Ali Ismail and Eman Mahmoud Abd El-Metaal
This paper aims to obtain accurate forecasts of the hourly residential natural gas consumption, in Egypt, taken into consideration the volatile multiple seasonal nature of the gas…
Abstract
Purpose
This paper aims to obtain accurate forecasts of the hourly residential natural gas consumption, in Egypt, taken into consideration the volatile multiple seasonal nature of the gas series. This matter helps in both minimizing the cost of energy and maintaining the reliability of the Egyptian power system as well.
Design/methodology/approach
Double seasonal autoregressive integrated moving average-generalized autoregressive conditional heteroskedasticity model is used to obtain accurate forecasts of the hourly Egyptian gas consumption series. This model captures both daily and weekly seasonal patterns apparent in the series as well as the volatility of the series.
Findings
Using the mean absolute percentage error to check the forecasting accuracy of the model, it is proved that the produced outcomes are accurate. Therefore, the proposed model could be recommended for forecasting the Egyptian natural gas consumption.
Originality/value
The contribution of this research lies in the ingenuity of using time series models that accommodate both daily and weekly seasonal patterns, which have not been taken into consideration before, in addition to the series volatility to forecast hourly consumption of natural gas in Egypt.
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Aslina Nasir and Yeny Nadira Kamaruzzaman
This study was conducted to forecast the monthly number of tuna landings between 2023 and 2030 and determine whether the estimated number meets the government’s target.
Abstract
Purpose
This study was conducted to forecast the monthly number of tuna landings between 2023 and 2030 and determine whether the estimated number meets the government’s target.
Design/methodology/approach
The ARIMA and seasonal ARIMA (SARIMA) models were employed for time series forecasting of tuna landings from the Malaysian Department of Fisheries. The best ARIMA (p, d, q) and SARIMA(p, d, q) (P, D, Q)12 model for forecasting were determined based on model identification, estimation and diagnostics.
Findings
SARIMA(1, 0, 1) (1, 1, 0)12 was found to be the best model for forecasting tuna landings in Malaysia. The result showed that the fluctuation of monthly tuna landings between 2023 and 2030, however, did not achieve the target.
Research limitations/implications
This study provides preliminary ideas and insight into whether the government’s target for fish landing stocks can be met. Impactful results may guide the government in the future as it plans to improve the insufficient supply of tuna.
Practical implications
The outcome of this study could raise awareness among the government and industry about how to improve efficient strategies. It is to ensure the future tuna landing meets the targets, including increasing private investment, improving human capital in catch and processing, and strengthening the system and technology development in the tuna industry.
Originality/value
This paper is important to predict the trend of monthly tuna landing stock in the next eight years, from 2023 to 2030, and whether it can achieve the government’s target of 150,000 metric tonnes.
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Isuru Udayangani Hewapathirana
This study explores the pioneering approach of utilising machine learning (ML) models and integrating social media data for predicting tourist arrivals in Sri Lanka.
Abstract
Purpose
This study explores the pioneering approach of utilising machine learning (ML) models and integrating social media data for predicting tourist arrivals in Sri Lanka.
Design/methodology/approach
Two sets of experiments are performed in this research. First, the predictive accuracy of three ML models, support vector regression (SVR), random forest (RF) and artificial neural network (ANN), is compared against the seasonal autoregressive integrated moving average (SARIMA) model using historical tourist arrivals as features. Subsequently, the impact of incorporating social media data from TripAdvisor and Google Trends as additional features is investigated.
Findings
The findings reveal that the ML models generally outperform the SARIMA model, particularly from 2019 to 2021, when several unexpected events occurred in Sri Lanka. When integrating social media data, the RF model performs significantly better during most years, whereas the SVR model does not exhibit significant improvement. Although adding social media data to the ANN model does not yield superior forecasts, it exhibits proficiency in capturing data trends.
Practical implications
The findings offer substantial implications for the industry's growth and resilience, allowing stakeholders to make accurate data-driven decisions to navigate the unpredictable dynamics of Sri Lanka's tourism sector.
Originality/value
This study presents the first exploration of ML models and the integration of social media data for forecasting Sri Lankan tourist arrivals, contributing to the advancement of research in this domain.
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Maryam Bahrami, Mehdi Khashei and Atefeh Amindoust
The purpose of this paper, because of the complexity of demand time series and the need to construct a more accurate hybrid model that can model all relationships in data, is to…
Abstract
Purpose
The purpose of this paper, because of the complexity of demand time series and the need to construct a more accurate hybrid model that can model all relationships in data, is to propose a parallel-series hybridization of seasonal neural networks and statistical models for demand time series forecasting.
Design/methodology/approach
The main idea of proposed model is centered around combining parallel and series hybrid methodologies to use the benefit of unique advantages of both hybrid strategies as well as intelligent and classic seasonal time series models simultaneously for achieving results that are more accurate for the first time. In the proposed model, in contrast of traditional parallel and series hybrid strategies, it can be generally shown that the performance of the proposed model will not be worse than components.
Findings
Empirical results of forecasting two well-known seasonal time series data sets, including the total production value of the Taiwan machinery industry and the sales volume of soft drinks, indicate that the proposed model can effectively improve the forecasting accuracy achieved by either of their components used in isolation. In addition, the proposed model can achieve more accurate results than parallel and series hybrid model with same components. Therefore, the proposed model can be used as an appropriate alternative model for seasonal time series forecasting, especially when higher forecasting accuracy is needed.
Originality/value
To the best of the authors’ knowledge, the proposed model, for first time and in contrast of traditional parallel and series hybrid strategies, is developed.
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Md Ozair Arshad, Shahbaz Khan, Abid Haleem, Hannan Mansoor, Md Osaid Arshad and Md Ekrama Arshad
Covid-19 pandemic is a unique and extraordinary situation for the globe, which has potentially disrupted almost all aspects of life. In this global crisis, the tourism and…
Abstract
Purpose
Covid-19 pandemic is a unique and extraordinary situation for the globe, which has potentially disrupted almost all aspects of life. In this global crisis, the tourism and hospitality sector has collapsed in almost all parts of the world, and the same is true for India. Therefore, this paper aims to investigate the impact of Covid-19 on the Indian tourism industry.
Design/methodology/approach
This study develops an appropriate model to forecast the expected loss of foreign tourist arrivals (FTAs) in India for 10 months. Since the FTAs follow a seasonal trend, seasonal autoregressive integrated moving average (SARIMA) method has been employed to forecast the expected FTAs in India from March 2020 to December 2020. The results of the proposed model are then compared with the ones obtained by Holt-Winter's (H-W) model to check the robustness of the proposed model.
Findings
The SARIMA model seeks to manifest the monthly arrival of foreign tourists and also elaborates on the progressing expected loss of foreign tourists arrive for the next three quarters is approximately 2 million, 2.3 million and 3.2 million, respectively. Thus, in the next three quarters, there will be an enormous downfall of FTAs, and there is a need to adopt appropriate measures. The comparison demonstrates that SARIMA is a better model than H-W model.
Originality/value
Several studies have been reported on pandemic-affected tourism sectors using different techniques. The earlier pandemic outbreak was controlled and region-specific, but the Covid-19 eruption is a global threat having potential ramifications and strong spreading power. This work is one of the first attempts to study and analyse the impact of Covid-19 on FTAs in India.
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Mei-Ling Cheng, Ching-Wu Chu and Hsiu-Li Hsu
This paper aims to compare different univariate forecasting methods to provide a more accurate short-term forecasting model on the crude oil price for rendering a reference to…
Abstract
Purpose
This paper aims to compare different univariate forecasting methods to provide a more accurate short-term forecasting model on the crude oil price for rendering a reference to manages.
Design/methodology/approach
Six different univariate methods, namely the classical decomposition model, the trigonometric regression model, the regression model with seasonal dummy variables, the grey forecast, the hybrid grey model and the seasonal autoregressive integrated moving average (SARIMA), have been used.
Findings
The authors found that the grey forecast is a reliable forecasting method for crude oil prices.
Originality/value
The contribution of this research study is using a small size of data and comparing the forecasting results of the six univariate methods. Three commonly used evaluation criteria, mean absolute error (MAE), root mean squared error (RMSE) and mean absolute percent error (MAPE), were adopted to evaluate the model performance. The outcome of this work can help predict the crude oil price.
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