Investigating Prediction Models for Vehicle Demand in a Service Industry

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

1 Scopus citations

Abstract

Demand prediction is an important part of resource management. Higher forecasting accuracy leads to better decision taking capabilities, especially in a competitive service-based business such as telecommunication services. In this paper, a telecommunication service provider's data on the use of vehicles by their employees is analyzed and used to forecast the vehicle booking demand for the future at different geographical locations. We implement multiple forecasting models and investigate the effect on forecasting accuracy of two prediction strategies, namely the Direct multi-step forecasting strategy (DMS) and the Rolling mechanism strategy (RMS). Moreover, the effect of different external inputs such as temperatures and holidays were tested. The results show that both DMS and RMS can be used to forecast vehicle demand, with the highest improvement in forecasting achieved through the addition of the holiday input, particularly by using the RMS strategy in the majority of the cases.

Original languageBritish English
Title of host publicationIJCCI 2022 - Proceedings of the 14th International Joint Conference on Computational Intelligence
EditorsThomas Back, Bas van Stein, Christian Wagner, Jonathan Garibaldi, H. K. Lam, Marie Cottrell, Faiyaz Doctor, Joaquim Filipe, Kevin Warwick, Janusz Kacprzyk
Pages359-366
Number of pages8
ISBN (Electronic)9789897586118
StatePublished - 2022
Event14th International Joint Conference on Computational Intelligence, IJCCI 2022 - Valletta, Malta
Duration: 24 Oct 202226 Oct 2022

Publication series

NameICETE International Conference on E-Business and Telecommunication Networks (International Joint Conference on Computational Intelligence)
Volume2022-October
ISSN (Print)2184-2825

Conference

Conference14th International Joint Conference on Computational Intelligence, IJCCI 2022
Country/TerritoryMalta
CityValletta
Period24/10/2226/10/22

Keywords

  • Demand Forecasting
  • Machine Learning
  • Resource Management

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