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Article
Publication date: 20 October 2011

Huayou Chen, Lei Jin, Xiang Li and Mengjie Yao

The purpose of this paper is to propose the optimal combination forecasting model based on closeness degree and induced ordered weighted harmonic averaging (IOWHA) operator under…

278

Abstract

Purpose

The purpose of this paper is to propose the optimal combination forecasting model based on closeness degree and induced ordered weighted harmonic averaging (IOWHA) operator under the uncertain environment in which the raw data are provided by interval numbers.

Design/methodology/approach

Starting from maximizing the closeness degree of combination forecasting, which is different from minimizing absolute errors, weighted coefficient vectors of combination forecasting methods are obtained. The new concepts of closeness degree for the center and radius of interval numbers sequences are put forward and the optimal interval combination forecasting model is constructed by maximizing the sum of convex combination with closeness degree of interval center and closeness degree of interval radius. The solution to the model is discussed.

Findings

The results show that this model can improve the combination forecasting accuracy efficiently compared with that of each single forecasting method.

Practical implications

The method proposed in the paper can be used to forecast future tendency in a wide ranges of fields, such as engineering, economics and management. In particular, the raw data are provided in the form of interval numbers under the uncertain environment.

Originality/value

The combination forecasting model proposed in this paper is based on closeness degree and IOWHA operator, which is a new kind of combination forecasting model with variant weights.

Details

Grey Systems: Theory and Application, vol. 1 no. 3
Type: Research Article
ISSN: 2043-9377

Keywords

Article
Publication date: 1 March 1990

Essam Mahmoud and C. Carl Pegels

A method is developed for evaluating forecasting models withrespect to both error and complexity in forecasting. Several types offorecasting accuracy measures (MSE, MPE, MAPE…

1105

Abstract

A method is developed for evaluating forecasting models with respect to both error and complexity in forecasting. Several types of forecasting accuracy measures (MSE, MPE, MAPE, Theil′s U‐Statistic and a loss cost function) are examined and the approach is illustrated using short‐term forecasting methods, and weekly and four‐weekly data. The approach can, however, be applied equally to immediate, medium‐ and long‐term forecasting.

Details

International Journal of Operations & Production Management, vol. 10 no. 3
Type: Research Article
ISSN: 0144-3577

Keywords

Article
Publication date: 24 April 2024

Haiyan Song and Hanyuan Zhang

The aim of this paper is to provide a narrative review of previous research on tourism demand modelling and forecasting and potential future developments.

Abstract

Purpose

The aim of this paper is to provide a narrative review of previous research on tourism demand modelling and forecasting and potential future developments.

Design/methodology/approach

A narrative approach is taken in this review of the current body of knowledge.

Findings

Significant methodological advancements in tourism demand modelling and forecasting over the past two decades are identified.

Originality/value

The distinct characteristics of the various methods applied in the field are summarised and a research agenda for future investigations is proposed.

目的

本文旨在对先前关于旅游需求建模和预测的研究进行叙述性回顾并对未来潜在发展进行展望。

设计/方法

本文采用叙述性回顾方法对当前知识体系进行了评论。

研究结果

本文确认了过去二十年旅游需求建模和预测方法论方面的重要进展。

独创性

本文总结了该领域应用的各种方法的独特特征, 并对未来研究提出了建议。

Objetivo

El objetivo de este documento es ofrecer una revisión narrativa de la investigación previa sobre modelización y previsión de la demanda turística y los posibles desarrollos futuros.

Diseño/metodología/enfoque

En esta revisión del marco actual de conocimientos sobre modelización y previsión de la demanda turística y los posibles desarrollos futuros,se adopta un enfoque narrativo.

Resultados

Se identifican avances metodológicos significativos en la modelización y previsión de la demanda turística en las dos últimas décadas.

Originalidad

Se resumen las características propias de los diversos métodos aplicados en este campo y se propone una agenda de investigación para futuros trabajos.

Article
Publication date: 25 March 2024

Zhixue Liao, Xinyu Gou, Qiang Wei and Zhibin Xing

Online reviews serve as valuable sources of information, reflecting tourists’ attentions, preferences and sentiments. However, although the existing research has demonstrated that…

Abstract

Purpose

Online reviews serve as valuable sources of information, reflecting tourists’ attentions, preferences and sentiments. However, although the existing research has demonstrated that incorporating online review data can enhance the performance of tourism demand forecasting models, the reliability of online review data and consumers’ decision-making process have not been given adequate attention. To address the aforementioned problem, the purpose of this study is to forecast tourism demand using online review data derived from the analysis of review helpfulness.

Design/methodology/approach

The authors propose a novel “identification-first, forecasting-second” framework. This framework prioritizes the identification of helpful reviews through a comprehensive analysis of review helpfulness, followed by the integration of helpful online review data into the forecasting system. Using the SARIMAX model with helpful online review data sourced from TripAdvisor, this study forecasts tourist arrivals in Hong Kong during the period from August 2012 to June 2019. The SNAÏVE/SARIMA model was used as the benchmark model. Additionally, artificial intelligence models including long short-term memory, back propagation neural network, extreme learning machine and random forest models were used to assess the robustness of the results.

Findings

The results demonstrate that online review data are subject to noise and bias, which can adversely affect the accuracy of predictions when used directly. However, by identifying helpful online reviews beforehand and incorporating them into the forecasting process, a notable enhancement in predictive performance can be realized.

Originality/value

First, to the best of the authors’ knowledge, this study is one of the first to focus on the data issue of online reviews on tourism arrivals forecasting. Second, this study pioneers the integration of the consumer decision-making process into the domain of tourism demand forecasting, marking one of the earliest endeavors in this area. Third, this study makes a novel attempt to identify helpful online reviews based on reviews helpfulness analysis.

Details

Nankai Business Review International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-8749

Keywords

Article
Publication date: 1 April 1992

A. Athiyaman and R.W. Robertson

Planning, both “operational” and“strategic”, relies on accurate forecasting. Planning intourism is no less dependent on accurate forecasts. However, tourismdemand forecasting has…

1340

Abstract

Planning, both “operational” and “strategic”, relies on accurate forecasting. Planning in tourism is no less dependent on accurate forecasts. However, tourism demand forecasting has been dominated by the application of regression/econometric techniques. Past studies on the forecasting accuracy of econometric/regression models suggest that forecasts generated by these models are not necessarily superior to forecasts generated by simple time series techniques. Seven time series forecasting techniques were used to generate forecasts of international tourist arrivals from Thailand to Hong Kong. The results confirm that simple techniques may be just as accurate and often more time‐and cost‐effective than more complex ones. Practitioners in the tourism industry may confidently use any of the forecasting techniques demonstrated here for their short‐term planning activities.

Details

International Journal of Contemporary Hospitality Management, vol. 4 no. 4
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 1 February 1993

Christine A. Witt and Stephen F. Witt

The importance of accurate forecasts of tourism demand for managerial decision making is widely recognized (see, for example, Archer 1987), and this study examines the literature…

Abstract

The importance of accurate forecasts of tourism demand for managerial decision making is widely recognized (see, for example, Archer 1987), and this study examines the literature on the accuracy of tourism forecasts generated by different forecasting techniques. In fact, although there are many possible forecasting methods, in practice relatively few of these have been used for tourism forecasting.

Details

The Tourist Review, vol. 48 no. 2
Type: Research Article
ISSN: 0251-3102

Article
Publication date: 1 March 1994

Christine A. Witt and Stephen F. Witt

The purpose of this article is to examine empirically the impact of aggregation on forecasting accuracy; specifically, whether more accurate forecasts are obtained by forecasting

Abstract

The purpose of this article is to examine empirically the impact of aggregation on forecasting accuracy; specifically, whether more accurate forecasts are obtained by forecasting a number of disaggregated tourist flows and summing the forecasts to obtain the aggregate forecast, or by summing the disaggregated tourist flows and forecasting the aggregate series directly. On the one hand, it may be easier to produce accurate forecasts from disaggregated series as the latter allow for differing behavioural patterns which may be more readily recognisable and hence easier to model and extrapolate. On the other hand, more aggregate series may be less susceptible to “noise” and therefore easier to forecast.

Details

The Tourist Review, vol. 49 no. 3
Type: Research Article
ISSN: 0251-3102

Article
Publication date: 1 September 2000

T.A. Spedding and K.K. Chan

Discusses the development and evaluation of a forecasting model for inventory management in an advanced technology batch production environment. Traditional forecasting and…

12774

Abstract

Discusses the development and evaluation of a forecasting model for inventory management in an advanced technology batch production environment. Traditional forecasting and inventory management do not adequately address issues relating to a short life cycle and to non‐seasonal products with a relatively long lead time. Limited historical data (fewer than 100 observations) is also a problem in predicting short‐term dynamic or unstable time series. A Bayesian dynamic linear time series model is proposed as an alternative technique for forecasting demand in a dynamically changing environment. Provides details of the important characteristics and development process of the forecasting model. A case study is then presented to illustrate the application of the model based on data from a multinational company in Singapore. It also compares the Bayesian dynamic linear time series model with a classical forecasting model (auto‐regressive integrated moving average (ARIMA) model).

Details

Integrated Manufacturing Systems, vol. 11 no. 5
Type: Research Article
ISSN: 0957-6061

Keywords

Article
Publication date: 1 April 1979

Robin Wensley

The Concept of Usefulness Usefulness in forecasting implies two critical issues. Firstly, there is a concern to relate forecasting to its decision making context. This covers the…

Abstract

The Concept of Usefulness Usefulness in forecasting implies two critical issues. Firstly, there is a concern to relate forecasting to its decision making context. This covers the vast majority of forecasting that is actually done although it is possible that a very limited number of instances are genuinely independent of a decision making process.

Details

Management Decision, vol. 17 no. 4
Type: Research Article
ISSN: 0025-1747

Article
Publication date: 1 March 1994

Paul Herbig, John Milewicz and James E. Golden

If there is any one function managers most despise, it is the artof forecasting. By its very nature it concerns guessing the outcome offuture events. Do all firms forecast the…

2356

Abstract

If there is any one function managers most despise, it is the art of forecasting. By its very nature it concerns guessing the outcome of future events. Do all firms forecast the same? Compares forecasting behavior between industrial product firms and consumer product firms. Examines issues such as who does the forecasting, the frequency of forecasts, and the areas in which forecasts are made. Assesses the results gained from the forecasting effort and examines significant differences in forecasting behavior.

Details

Journal of Business & Industrial Marketing, vol. 9 no. 1
Type: Research Article
ISSN: 0885-8624

Keywords

11 – 20 of over 64000