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Forecasting, Volume 2, Issue 2 (June 2020) – 9 articles

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Article
Performance Comparison between Deep Learning and Optical Flow-Based Techniques for Nowcast Precipitation from Radar Images
Forecasting 2020, 2(2), 194-210; https://0-doi-org.brum.beds.ac.uk/10.3390/forecast2020011 - 24 Jun 2020
Cited by 3 | Viewed by 1428
Abstract
In this article, a nowcasting technique for meteorological radar images based on a generative neural network is presented. This technique’s performance is compared with state-of-the-art optical flow procedures. Both methods have been validated using a public domain data set of radar images, covering [...] Read more.
In this article, a nowcasting technique for meteorological radar images based on a generative neural network is presented. This technique’s performance is compared with state-of-the-art optical flow procedures. Both methods have been validated using a public domain data set of radar images, covering an area of about 104 km2 over Japan, and a period of five years with a sampling frequency of five minutes. The performance of the neural network, trained with three of the five years of data, forecasts with a time horizon of up to one hour, evaluated over one year of the data, proved to be significantly better than those obtained with the techniques currently in use. Full article
(This article belongs to the Special Issue Feature Papers of Forecasting)
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Article
Corporate Foresight and Dynamic Capabilities: An Exploratory Study
Forecasting 2020, 2(2), 180-193; https://0-doi-org.brum.beds.ac.uk/10.3390/forecast2020010 - 01 Jun 2020
Cited by 12 | Viewed by 1590
Abstract
Firms engage in forecasting and foresight activities to predict the future or explore possible future states of the business environment in order to pre-empt and shape it (corporate foresight). Similarly, the dynamic capabilities approach addresses relevant firm capabilities to adapt to fast change [...] Read more.
Firms engage in forecasting and foresight activities to predict the future or explore possible future states of the business environment in order to pre-empt and shape it (corporate foresight). Similarly, the dynamic capabilities approach addresses relevant firm capabilities to adapt to fast change in an environment that threatens a firm’s competitiveness and survival. However, despite these conceptual similarities, their relationship remains opaque. To close this gap, we conduct qualitative interviews with foresight experts as an exploratory study. Our results show that foresight and dynamic capabilities aim at an organizational renewal to meet future challenges. Foresight can be regarded as a specific activity that corresponds with the sensing process of dynamic capabilities. The experts disagree about the relationship between foresight and sensing and see no direct links with transformation. However, foresight can better inform post-sensing activities and, therefore, indirectly contribute to the adequate reconfiguration of the resource base, an increased innovativeness, and firm performance. Full article
(This article belongs to the Section Forecasting in Economics and Management)
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Article
Modeling and Forecasting Medium-Term Electricity Consumption Using Component Estimation Technique
Forecasting 2020, 2(2), 163-179; https://0-doi-org.brum.beds.ac.uk/10.3390/forecast2020009 - 23 May 2020
Cited by 5 | Viewed by 1013
Abstract
The increasing shortage of electricity in Pakistan disturbs almost all sectors of its economy. As, for accurate policy formulation, precise and efficient forecasts of electricity consumption are vital, this paper implements a forecasting procedure based on components estimation technique to forecast medium-term electricity [...] Read more.
The increasing shortage of electricity in Pakistan disturbs almost all sectors of its economy. As, for accurate policy formulation, precise and efficient forecasts of electricity consumption are vital, this paper implements a forecasting procedure based on components estimation technique to forecast medium-term electricity consumption. To this end, the electricity consumption series is divided into two major components: deterministic and stochastic. For the estimation of deterministic component, we use parametric and nonparametric models. The stochastic component is modeled by using four different univariate time series models including parametric AutoRegressive (AR), nonparametric AutoRegressive (NPAR), Smooth Transition AutoRegressive (STAR), and Autoregressive Moving Average (ARMA) models. The proposed methodology was applied to Pakistan electricity consumption data ranging from January 1990 to December 2015. To assess one month ahead post-sample forecasting accuracy, three standard error measures, namely Mean Absolute Error (MAE), Mean Absolute Percentage Error (MAPE), and Root Mean Square Error (RMSE), were calculated. The results show that the proposed component-based estimation procedure is very effective at predicting electricity consumption. Moreover, ARMA models outperform the other models, while NPAR model is competitive. Finally, our forecasting results are comparatively batter then those cited in other works. Full article
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Article
Dynamic Modeling of Power Outages Caused by Thunderstorms
Forecasting 2020, 2(2), 151-162; https://0-doi-org.brum.beds.ac.uk/10.3390/forecast2020008 - 22 May 2020
Cited by 5 | Viewed by 1745
Abstract
Thunderstorms are complex weather phenomena that cause substantial power outages in a short period. This makes thunderstorm outage prediction challenging using eventwise outage prediction models (OPMs), which summarize the storm dynamics over the entire course of the storm into a limited number of [...] Read more.
Thunderstorms are complex weather phenomena that cause substantial power outages in a short period. This makes thunderstorm outage prediction challenging using eventwise outage prediction models (OPMs), which summarize the storm dynamics over the entire course of the storm into a limited number of parameters. We developed a new, temporally sensitive outage prediction framework designed for models to learn the hourly dynamics of thunderstorm-caused outages directly from weather forecasts. Validation of several models built on this hour-by-hour prediction framework and comparison with a baseline model show abilities to accurately report temporal and storm-wide outage characteristics, which are vital for planning utility responses to storm-caused power grid damage. Full article
(This article belongs to the Section Power and Energy Forecasting)
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Article
Assessment of Direct Normal Irradiance Forecasts Based on IFS/ECMWF Data and Observations in the South of Portugal
Forecasting 2020, 2(2), 130-150; https://0-doi-org.brum.beds.ac.uk/10.3390/forecast2020007 - 16 May 2020
Cited by 4 | Viewed by 1092
Abstract
Direct Normal Irradiance (DNI) predictions obtained from the Integrated Forecasting System of the European Centre for Medium-Range Weather Forecast (IFS/ECMWF) were compared against ground-based observational data for one location at the south of Portugal (Évora). Hourly and daily DNI values were analyzed for [...] Read more.
Direct Normal Irradiance (DNI) predictions obtained from the Integrated Forecasting System of the European Centre for Medium-Range Weather Forecast (IFS/ECMWF) were compared against ground-based observational data for one location at the south of Portugal (Évora). Hourly and daily DNI values were analyzed for different temporal forecast horizons (1 to 3 days ahead) and results show that the IFS/ECMWF slightly overestimates DNI for the period of analysis (1 August 2018 until 31 July 2019) with a fairly good agreement between model and observations. Hourly basis evaluation shows relatively high errors, independently of the forecast day. Root mean square error increases as the forecast time increases with a relative error of ~45% between the first and the last forecast. Similar patterns are observed in the daily analysis with comparable magnitude errors. The correlation coefficients between forecast and observed data are above 0.7 for both hourly and daily data. A methodology based on a new DNI attenuation Index (DAI) was developed to estimate cloud fraction from hourly values integrated over a day and, with that, to correlate the accuracy of the forecast with sky conditions. This correlation with DAI reveals that in IFS/ECMWF model, the atmosphere as being more transparent than reality since cloud cover is underestimated in the majority of the months of the year, taking the ground-based measurements as a reference. The use of the DAI estimator confirms that the errors in IFS/ECMWF are larger under cloudy skies than under clear sky. The development and application of a post-processing methodology improves the DNI predictions from the IFS/ECMWF outputs, with a decrease of error of the order of ~30%, when compared with raw data. Full article
(This article belongs to the Special Issue Feature Papers of Forecasting)
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Article
Revisiting the Dynamic Linkages of Treasury Bond Yields for the BRICS: A Forecasting Analysis
Forecasting 2020, 2(2), 102-129; https://0-doi-org.brum.beds.ac.uk/10.3390/forecast2020006 - 16 May 2020
Cited by 1 | Viewed by 896
Abstract
We examined the dynamic linkages among money market interest rates in the so-called “BRICS” countries (Brazil, Russia, India, China, and South Africa) by using weekly data of the overnight, one-, three-, and six- months, as well as of one year, Treasury bills rates [...] Read more.
We examined the dynamic linkages among money market interest rates in the so-called “BRICS” countries (Brazil, Russia, India, China, and South Africa) by using weekly data of the overnight, one-, three-, and six- months, as well as of one year, Treasury bills rates covering the period from January 2005 to August 2019. A long-run relationship among interest rates was established by employing the Vector Error Correction modeling (VECM), which revealed the validation of the Expectation Hypothesis Theory (EH) of the term structure of interest rates, taking into account long-run deviations from equilibrium and inherent nonlinearities. We unveiled short-run dynamic adjustments for the term structure of the BRICS, subject to regime switches. We then used Markov Switching Vector Error Correction models (MS-VECM) to forecast them dynamically during an out-of-sample period of May 2016 through August 2019. The MSIH-VECM forecasts were found to be superior to the VECM approaches. The novelty of our paper is mainly due to the exploration of the possibility of parameter instability as a crucial factor, which might explain the rejection of the restricted version of the cointegration space, and on the dynamic out-of-sample forecasts of the term structure over a more recent time span in order to assess further the usefulness of our nonlinear MS-VECM characterization of the term structure, capturing the effects of the global and domestic financial crisis. Full article
(This article belongs to the Special Issue New Frontiers in Forecasting the Business Cycle and Financial Markets)
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Technical Note
Goes-13 IR Images for Rainfall Forecasting in Hurricane Storms
Forecasting 2020, 2(2), 85-101; https://0-doi-org.brum.beds.ac.uk/10.3390/forecast2020005 - 30 Apr 2020
Cited by 1 | Viewed by 954
Abstract
Currently, it is possible to access a large amount of satellite weather information from monitoring and forecasting severe storms. However, there are no methods of employing satellite images that can improve real-time early warning systems in different regions of Mexico. The auto-estimator is [...] Read more.
Currently, it is possible to access a large amount of satellite weather information from monitoring and forecasting severe storms. However, there are no methods of employing satellite images that can improve real-time early warning systems in different regions of Mexico. The auto-estimator is the most commonly used technique that was developed for specific locations in the United States of America (32°–49° latitude) for the type of convective storms. However, the estimation of precipitation intensities for meteorological conditions in tropic latitudes, using the auto-estimator technique, needs to be re-adjusted and calibrated. It is necessary to improve this type of technique that allows decision-makers to have hydro-informatic tools capable of improving early warning systems in tropical regions (15°–25° Mexican tropic latitude). The main objective of the work is to estimate rainfall from satellite imagery in the infrared (IR) spectrum from the Geostationary Operational Environmental Satellite (GOES), validating these estimates with a network of surface rain gauges. Using the GOES-13 IR images every 15 min and using the auto-estimator, a downscaling of six hurricanes was performed from which surface precipitation events were measured. The two main difficulties were to match the satellite images taken every 15 min with the surface data measured every 10 min and to develop a program in C+ that would allow the systematic analysis of the images. The results of this work allow us to get a new adjustment of coefficients in a new equation of the auto-estimator, valid for rain produced by hurricanes, something that has not been done until now. Although no universal relationship has been found for hurricane rainfall, it is evident that the original formula of the auto-estimator technique needs to be modified according to geographical latitude. Full article
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Article
Climatological Drought Forecasting Using Bias Corrected CMIP6 Climate Data: A Case Study for India
Forecasting 2020, 2(2), 59-84; https://0-doi-org.brum.beds.ac.uk/10.3390/forecast2020004 - 22 Apr 2020
Cited by 14 | Viewed by 2584
Abstract
This study forecasts and assesses drought situations in various regions of India (the Araveli region, the Bundelkhand region, and the Kansabati river basin) based on seven simulated climates in the near future (2015–2044). The self-calibrating Palmer Drought Severity Index (scPDSI) was used based [...] Read more.
This study forecasts and assesses drought situations in various regions of India (the Araveli region, the Bundelkhand region, and the Kansabati river basin) based on seven simulated climates in the near future (2015–2044). The self-calibrating Palmer Drought Severity Index (scPDSI) was used based on its fairness in identifying drought conditions that account for the temperature as well. Gridded temperature and rainfall data of spatial resolution of 1 km were used to bias correct the multi-model ensemble mean of the Global Climatic Models from the Coupled Model Intercomparison Project Phase 6 (CMIP6) project. Equidistant quantile-based mapping was adopted to remove the bias in the rainfall and temperature data, which were corrected on a monthly scale. The outcome of the forecast suggests multiple severe-to-extreme drought events of appreciable durations, mostly after the 2030s, under most climate scenarios in all the three study areas. The severe-to-extreme drought duration was found to last at least 20 to 30 months in the near future in all three study areas. A high-resolution drought index was developed and proven to be a key to assessing the drought situation. Full article
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Article
A Comparison of the Qualitative Analytic Hierarchy Process and the Quantitative Frequency Ratio Techniques in Predicting Forest Fire-Prone Areas in Bhutan Using GIS
Forecasting 2020, 2(2), 36-58; https://0-doi-org.brum.beds.ac.uk/10.3390/forecast2020003 - 30 Mar 2020
Cited by 8 | Viewed by 2371
Abstract
Forest fire is an environmental disaster that poses immense threat to public safety, infrastructure, and biodiversity. Therefore, it is essential to have a rapid and robust method to produce reliable forest fire maps, especially in a data-poor country or region. In this study, [...] Read more.
Forest fire is an environmental disaster that poses immense threat to public safety, infrastructure, and biodiversity. Therefore, it is essential to have a rapid and robust method to produce reliable forest fire maps, especially in a data-poor country or region. In this study, the knowledge-based qualitative Analytic Hierarchy Process (AHP) and the statistical-based quantitative Frequency Ratio (FR) techniques were utilized to model forest fire-prone areas in the Himalayan Kingdom of Bhutan. Seven forest fire conditioning factors were used: land-use land cover, distance from human settlement, distance from road, distance from international border, aspect, elevation, and slope. The fire-prone maps generated by both models were validated using the Area Under Curve assessment method. The FR-based model yielded a fire-prone map with higher accuracy (87% success rate; 82% prediction rate) than the AHP-based model (71% success rate; 63% prediction rate). However, both the models showed almost similar extent of ‘very high’ prone areas in Bhutan, which corresponded to coniferous-dominated areas, lower elevations, steeper slopes, and areas close to human settlements, roads, and the southern international border. Moderate Resolution Imaging Spectroradiometer (MODIS) fire points were overlaid on the model generated maps to assess their reliability in predicting forest fires. They were found to be not reliable in Bhutan, as most of them overlapped with fire-prone classes, such as ‘moderate’, ‘low’, and ‘very low’. The fire-prone map derived from the FR model will assist Bhutan’s Department of Forests and Park Services to update its current National Forest Fire Management Strategy. Full article
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