Related papers: Forecasting in the light of Big Data
The modern era is characterised as an era of information or Big Data. This has motivated a huge literature on new methods for extracting information and insights from these data. A natural question is how these approaches differ from those…
Forecasting has always been at the forefront of decision making and planning. The uncertainty that surrounds the future is both exciting and challenging, with individuals and organisations seeking to minimise risks and maximise utilities.…
The continuous increase of data generated provides enormous possibilities of both public and private companies. The management of this mass of data or big data will play a crucial role in the society of the future, as it finds applications…
Big data has been used widely in many areas including the transportation industry. Using various data sources, traffic states can be well estimated and further predicted for improving the overall operation efficiency. Combined with this…
Steve Jobs, one of the greatest visionaries of our time was quoted in 1996 saying "a lot of times, people do not know what they want until you show it to them" [38] indicating he advocated products to be developed based on human intuition…
As artificial intelligence and machine learning tools become more accessible, and scientists face new obstacles to data collection (e.g., rising costs, declining survey response rates), researchers increasingly use predictions from…
This article proposes predictive economics as a distinct analytical perspective within economics, grounded in machine learning and centred on predictive accuracy rather than causal identification. Drawing on the instrumentalist tradition…
One of the presuppositions of science since the times of Galileo, Newton, Laplace, and Descartes has been the predictability of the world. This idea has strongly influenced scientific and technological models. However, in recent decades,…
If a person looks at WHITE paper through BLUE glasses, the paper will become BLUE in the eye of the person. Likewise, in the current study of big data which play the same role as the white paper being looked at, various statistical methods…
Time series forecasting is a critical task in various domains, where accurate predictions can drive informed decision-making. Traditional forecasting methods often rely on current observations of variables to predict future outcomes,…
This paper proposes a novel method for demand forecasting in a pricing context. Here, modeling the causal relationship between price as an input variable to demand is crucial because retailers aim to set prices in a (profit) optimal manner…
Technology is generating a huge and growing availability of observa tions of diverse nature. This big data is placing data learning as a central scientific discipline. It includes collection, storage, preprocessing, visualization and,…
Data is a critical aspect of the world we live in. With systems producing and consuming vast amounts of data, it is essential for businesses to digitally transform and be equipped to derive the most value out of data. Data analytics…
Observations on the past provide some hints about what will happen in the future, and this can be quantified using information theory. The ``predictive information'' defined in this way has connections to measures of complexity that have…
Big Data bring new opportunities to modern society and challenges to data scientists. On one hand, Big Data hold great promises for discovering subtle population patterns and heterogeneities that are not possible with small-scale data. On…
While data-driven decision-making is transforming modern operations, most large-scale data is of an observational nature, such as transactional records. These data pose unique challenges in a variety of operational problems posed as…
Informatics and technological advancements have triggered generation of huge volume of data with varied complexity in its management and analysis. Big Data analytics is the practice of revealing hidden aspects of such data and making…
Big Data are huge amounts of digital information that are automatically accrued or merged from several sources and rarely result from properly planned surveys. A Big Dataset is herein conceived of as a collection of information concerning a…
The ever-increase in the quality and quantity of data generated from day-to-day businesses operations in conjunction with the continuously imported related social data have made the traditional statistical approaches inadequate to tackle…
Meteorological forecasting provides reliable prediction about the future weather within a given interval of time. Meteorological forecasting can be viewed as a form of hybrid diagnostic reasoning and can be mapped onto an integrated…