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3 articles for “probabilistic forecasting”
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A Monte Carlo Simulation Approach to Decision Analytics in Manufacturing and Industrial Automation Project Management
Abstract: Manufacturing and industrial automation projects face high uncertainty and risk arising from factors such as complex supply chains, equipment variability, and fluctuating production demands. If not properly managed, these uncertainties can lead to costly delays, unplanned downtime, and budget overruns that jeopardize project success. Given the shortcomings of deterministic planning in such volatile environments. If not properly managed, it can lead to costly delays and failures if not properly managed. …
Published in Journal of Production Research & Management · Vol. 15, Issue 2, 2025 · pp. 1–12 Read article
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Comparative Performance Study: Deterministic vs. Probabilistic Models in Retail Chains
Abstract: The finished goods, raw materials, and product stock that a business has on hand for sale are referred to as inventory. They enable the companies to achieve their sales levels and are a chance to cost control and decision making. It is a huge asset to a manufacturing firm. Inventory model permits forecasting of quantities of raw material, inventory and spare parts of the equipment to a very high level …
Published in Recent Trends in Mathematics · Vol. 2, Issue 1, 2025 · pp. 1–6 Read article
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Very Short-Term Load Forecasting Using Gaussian Process Regression
Abstract: Very Short-Term Load Forecasting (VSTLF) is critical for real-time grid stability, frequency control, and economic dispatch. This study proposes a Gaussian Process Regression (GPR)-based framework for one-hour-ahead load forecasting using hourly data from January 2020 to April 2024 for Delhi, India. The model incorporates meteorological data such as temperature, humidity, and dew point with lagged load values. The research takes into account time-related dependencies and seasonal changes in order to …
Published in Trends in Electrical Engineering · Vol. 16, Issue 1, 2025 · pp. 91–104 Read article