• The Transactions of The Korean Institute of Electrical Engineers
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• v.65 no.9
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• pp.1486-1492
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• 2016

This study presents the electrical load forecasting and error correction method using a real building load pattern, and the way to manage the energy storage system with forecasting results for economical load operation. To make a unique pattern of target load, we performed the Hierarchical clustering that is one of the data mining techniques, defined load pattern(group) and forecasted the demand load according to the clustering result of electrical load through the previous study. In this paper, we propose the new reference demand for improving a predictive accuracy of load demand forecasting. In addition we study an error correction method for response of load events in demand load forecasting, and verify the effects of proposed correction method through EMS scheduling simulation with load forecasting correction.

• Proceedings of the Korea Water Resources Association Conference
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• 2007.05a
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• pp.1592-1596
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• 2007

Accuracy of flood forecasting is an important non-structural measure on the flood control and mitigation. Hence, combination of horologic model with real time error correction became an important issue. It is one of the efficient ways to improve the forecasting precision. In this work, an approach based on Kalman Filter (KF) is proposed to continuously revise state estimates to promote the accuracy of flood forecasting results. The case study refers to the Wi River in Korea, with the flood forecasting results of Xinanjiang model. Compared to the results, the corrected results based on the Kalman filter are more accurate. It proved that this method can take good effect on hydrologic forecasting of Wi River, Korea, although there are also flood peak discharge and flood reach time biases. The average determined coefficient and the peak discharge are quite improved, with the determined coefficient exceeding 0.95 for every year.

• The Korean Journal of Applied Statistics
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• v.35 no.1
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• pp.93-104
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• 2022

In forecasting realized volatility of the major US stock price indexes (S&P 500, Russell 2000, DJIA, Nasdaq 100), internet search volume reflecting investor's interests and implied volatility are used to improve forecast via a deep learning method of the LSTM. The LSTM method combined with search volume index produces better forecasts than existing standard methods of the vector autoregressive (VAR) and the vector error correction (VEC) models. It also beats the recently proposed vector error correction heterogeneous autoregressive (VECHAR) model which takes advantage of the cointegration relation between realized volatility and implied volatility.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.63 no.11
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• pp.1608-1614
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• 2014

Power demand forecasting is an important factor of the peak management. This paper deals with the 15 minutes ahead load forecasting problem in a DC urban railway system. Since supplied power lines to trains are connected with parallel, the load characteristics are too complex and highly non-linear. The main idea of the proposed method for the 15 minutes ahead prediction is to use the daily load similarity accounting for the load nonlinearity. An Euclidean norm with weighted factors including loads of the neighbor substation is used for the similar load selection. The prediction value is determinated by the sum of the similar load and the correction value. The correction has applied the neural network model. The feasibility of the proposed method is exemplified through some simulations applied to the actual load data of Incheon subway system.

• Journal of the Korean Data and Information Science Society
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• v.27 no.6
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• pp.1573-1583
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• 2016

It is necessary to check mutual correlations between related variables because housing prices are influenced by a lot of variables of the economy both internally and externally. In this paper, employing the Granger causality test, we have validated interrelated relationship between the variables. In addition, there is cointegration associations in the results of the cointegration test between the variables. Therefore, an analysis using a vector error correction model including an error correction term has been attempted. As a result of the empirical comparative analysis of the forecasting performance with ARIMA and VAR models, it is confirmed that the forecasting performance by vector error correction model is superior to those of the former two models.

• Journal of Korea Port Economic Association
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• v.39 no.2
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• pp.129-141
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• 2023

This study analyzes the dynamic characteristics of daily freight rates of dry bulk and tanker shipping markets and their forecasting accuracy by using the error correction models. In order to calculate the error terms from the co-integrated time series, this study uses the common stochastic trend model (CSTM model) and vector error correction model (VECM model). First, the error correction model using the error term from the CSTM model yields more appropriate results of adjustment speed coefficient than one using the error term from the VECM model. Furthermore, according to the adjusted determination coefficients (adjR²), the error correction model of CSTM-model error term shows more model fitness than that of VECM-model error term. Second, according to the criteria of mean absolute error (MAE) and mean absolute scaled error (MASE) which measure the forecasting accuracy, the results show that the error correction model with CSTM-model error term produces more accurate forecasts than that of VECM-model error term in the 12 cases among the total 15 cases. This study proposes the analysis and forecast tasks 1) using both of the CSTM-model and VECM-model error terms at the same time and 2) incorporating additional data of commodity and energy markets, and 3) differentiating the adjustment speed coefficients based the sign of the error term as the future research topics.

• Proceedings of the KIEE Conference
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• 2005.11b
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• pp.148-150
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• 2005

Since the SMP(System Marginal Price) is a vital factor to the market participants who intend to maximize the their profit and to the ISO(Independent System Operator) who wish to operate the electricity market in a stable sense, the short-term marginal price forecasting should be performed correctly. This paper presents a methodology of a day-ahead SMP forecasting using ARIMA(Autoregressive Integrated Moving Average) based on the Time Series. And also we suggested a correction algorithm to minimize the forecasting error in order to improve efficiency and accuracy of the SMP forecasting. To show the efficiency and effectiveness of the proposed method, the numerical studies have been performed using Historical data of SMP in 2004 published by KPX(Korea Power Exchange).

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.55 no.2
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• pp.85-93
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• 2006

Since the SMP(System Marginal Price) is a vital factor to the market participants who intend to maximize the their profit and to the ISO(Independent System Operator) who wish to operate the electricity market in a stable sense, the short-term marginal price forecasting should be performed correctly. In an electricity market the short-term market price affects considerably the short-term trading between the market entities. Therefore, the exact forecasting of SMP can influence on the profit of market participants. This paper presents a new methodology for a day-ahead SMP forecasting using ARIMA(Autoregressive Integrated Moving Average) model based on the time-series method. And also the correction algorithm is proposed to minimize the forecasting error in order to improve the efficiency and accuracy of the SMP forecasting. To show the efficiency and effectiveness of the proposed method, the case studies are performed using historical data of SMP in 2004 published by KPX(Korea Power Exchange).

• Journal of Wind Energy
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• v.14 no.3
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• pp.25-33
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• 2023

In order to secure the safety of increasing offshore activities such as offshore wind farm maintenance and fishing, IMPACT, a mid-term marine weather forecasting system, was established by predicting marine weather up to 7 days in advance. Forecast data from the Korea Hydrographic and Oceanographic Agency (KHOA), which provides the most reliable marine meteorological service in Korea, was used, but wind speed and wave height forecast errors increased as the leading forecast period increased, so improvement of the accuracy of the model results was needed. The Model Output Statistics (MOS) method, a post-correction method using statistical machine learning, was applied to improve the prediction accuracy of wave height, which is an important factor in forecasting the risk of marine activities. Compared with the observed data, the wave height prediction results by the model before correction for 6 to 7 days ahead showed an RMSE of 0.692 m and R of 0.591, and there was a tendency to underestimate high waves. After correction with the MOS technique, RMSE was 0.554 m and R was 0.732, confirming that accuracy was significantly improved.

• Proceedings of the Korea Water Resources Association Conference
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• 2017.05a
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• pp.188-188
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• 2017

Rainfall is an important input to hydrological models. The accuracy of hydrological studies for water resources and floods management depend primarily on the estimation of rainfall. Thailand is among the countries that have regularly affected by floods. Flood forecasting and warning are necessary to prevent or mitigate loss and damage. Merging near real time satellite-based precipitation estimation with relatively high spatial and temporal resolutions to ground gauged precipitation data could contribute to reducing uncertainty and increasing efficiency for flood forecasting application. This study tested the applicability of satellite-based rainfall for water resources management and flood forecasting. The objectives of the study are to assess uncertainty associated with satellite-based rainfall estimation, to perform bias correction for satellite-based rainfall products, and to evaluate the performance of the bias-corrected rainfall data for the prediction of flood events. This study was conducted using a case study of Thai catchments including the Chao Phraya, northeastern (Chi and Mun catchments), and the eastern catchments for the period of 2006-2015. Data used in the study included daily rainfall from ground gauges, telegauges, and near real time satellite-based rainfall products from TRMM, GSMaP and PERSIANN CCS. Uncertainty in satellite-based precipitation estimation was assessed using a set of indicators describing the capability to detect rainfall event and efficiency to capture rainfall pattern and amount. The results suggested that TRMM, GSMaP and PERSIANN CCS are potentially able to improve flood forecast especially after the process of bias correction. Recommendations for further study include extending the scope of the study from regional to national level, testing the model at finer spatial and temporal resolutions and assessing other bias correction methods.