Time series forecasting of energy commodity using grey wolf optimizer

The ability to model and perform decision making is an essential feature of many real-world applications including the forecasting of commodity prices.In this study, a forecasting model based on a relatively new Swarm Intelligence (SI) behaviour, namely Grey Wolf Optimizer (GWO), is developed for sh...

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Main Authors: Yusof, Yuhanis, Mustaffa, Zuriani
Format: Conference or Workshop Item
Language:English
Published: 2015
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Online Access:http://repo.uum.edu.my/20649/1/IMECS%202015%2025-30.pdf
http://repo.uum.edu.my/20649/
http://www.iaeng.org/publication/IMECS2015/IMECS2015_pp25-30.pdf
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Institution: Universiti Utara Malaysia
Language: English
id my.uum.repo.20649
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spelling my.uum.repo.206492017-01-18T03:56:52Z http://repo.uum.edu.my/20649/ Time series forecasting of energy commodity using grey wolf optimizer Yusof, Yuhanis Mustaffa, Zuriani QA75 Electronic computers. Computer science The ability to model and perform decision making is an essential feature of many real-world applications including the forecasting of commodity prices.In this study, a forecasting model based on a relatively new Swarm Intelligence (SI) behaviour, namely Grey Wolf Optimizer (GWO), is developed for short term time series forecasting.The model is built upon data obtained from the West Texas Intermediate (WTI) crude oil and gasoline price.Performance of the GWO model is compared against two other models which are developed based on Evolutionary Computation (EC) algorithms, namely the Artificial Bee Colony (ABC) and Differential Evolution (DE).Results showed that the GWO model outperformed DE in both crude oil and gasoline price forecasting. Furthermore, the proposed GWO produces a better forecast for gasoline price as compared to the ABC model,, as well as being at par in crude oil.Such an achievement indicates that GWO may become a competitor in the domain of time series forecasting and would be useful for investors in planning their investment and projecting their profit. 2015-03-18 Conference or Workshop Item PeerReviewed application/pdf en http://repo.uum.edu.my/20649/1/IMECS%202015%2025-30.pdf Yusof, Yuhanis and Mustaffa, Zuriani (2015) Time series forecasting of energy commodity using grey wolf optimizer. In: International MultiConference of Engineers and Computer Scientists 2015 Vol I (IMECS 2015), March 18 - 20, 2015, Hong Kong. http://www.iaeng.org/publication/IMECS2015/IMECS2015_pp25-30.pdf
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutionali Repository
url_provider http://repo.uum.edu.my/
language English
topic QA75 Electronic computers. Computer science
spellingShingle QA75 Electronic computers. Computer science
Yusof, Yuhanis
Mustaffa, Zuriani
Time series forecasting of energy commodity using grey wolf optimizer
description The ability to model and perform decision making is an essential feature of many real-world applications including the forecasting of commodity prices.In this study, a forecasting model based on a relatively new Swarm Intelligence (SI) behaviour, namely Grey Wolf Optimizer (GWO), is developed for short term time series forecasting.The model is built upon data obtained from the West Texas Intermediate (WTI) crude oil and gasoline price.Performance of the GWO model is compared against two other models which are developed based on Evolutionary Computation (EC) algorithms, namely the Artificial Bee Colony (ABC) and Differential Evolution (DE).Results showed that the GWO model outperformed DE in both crude oil and gasoline price forecasting. Furthermore, the proposed GWO produces a better forecast for gasoline price as compared to the ABC model,, as well as being at par in crude oil.Such an achievement indicates that GWO may become a competitor in the domain of time series forecasting and would be useful for investors in planning their investment and projecting their profit.
format Conference or Workshop Item
author Yusof, Yuhanis
Mustaffa, Zuriani
author_facet Yusof, Yuhanis
Mustaffa, Zuriani
author_sort Yusof, Yuhanis
title Time series forecasting of energy commodity using grey wolf optimizer
title_short Time series forecasting of energy commodity using grey wolf optimizer
title_full Time series forecasting of energy commodity using grey wolf optimizer
title_fullStr Time series forecasting of energy commodity using grey wolf optimizer
title_full_unstemmed Time series forecasting of energy commodity using grey wolf optimizer
title_sort time series forecasting of energy commodity using grey wolf optimizer
publishDate 2015
url http://repo.uum.edu.my/20649/1/IMECS%202015%2025-30.pdf
http://repo.uum.edu.my/20649/
http://www.iaeng.org/publication/IMECS2015/IMECS2015_pp25-30.pdf
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