Rapid social, economic and political changes are leading
organizations to shift their thinking from reactive to proactive in
order to detect opportunities and threats that could affect their
business [6]. Eliminating or mitigating an anticipated problem, or
capitalizing on a forecast opportunity, can substantially improve
our quality of life, and prevent environmental and economic
damage. Changing traffic light policies and speed limits to avoid
traffic congestions, for example, will reduce carbon emissions,
optimize public transportation and increase the quality of life and
productivity of commuters. Similarly, adding credit cards to watch
lists as a result of forecasting fraud will reduce the cost inflicted
by fraudulent activities on payment processing companies and
merchants, and consequently lower credit card rates.
In energy management, there is a need for real-time optimization
of power consumption in individual houses and buildings
equipped with renewable energy sources. This requirement may
be addressed by forecasting energy consumption and production,
say for the next 30 minutes, and making decisions about load
adjustments and/or rescheduling. In post-earthquake disaster
management, loss forecasts can be vital in planning the actions to
be taken immediately after an earthquake occurs.
Rapid social, economic and political changes are leadingorganizations to shift their thinking from reactive to proactive inorder to detect opportunities and threats that could affect theirbusiness [6]. Eliminating or mitigating an anticipated problem, orcapitalizing on a forecast opportunity, can substantially improveour quality of life, and prevent environmental and economicdamage. Changing traffic light policies and speed limits to avoidtraffic congestions, for example, will reduce carbon emissions,optimize public transportation and increase the quality of life andproductivity of commuters. Similarly, adding credit cards to watchlists as a result of forecasting fraud will reduce the cost inflictedby fraudulent activities on payment processing companies andmerchants, and consequently lower credit card rates.In energy management, there is a need for real-time optimizationof power consumption in individual houses and buildingsequipped with renewable energy sources. This requirement maybe addressed by forecasting energy consumption and production,say for the next 30 minutes, and making decisions about loadadjustments and/or rescheduling. In post-earthquake disastermanagement, loss forecasts can be vital in planning the actions tobe taken immediately after an earthquake occurs.
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