A Review of Forecasting Techniques

Abstract

This work examines recent publications in forecasting in various fields, these include: wind power forecasting; electricity load forecasting; crude oil price forecasting; gold price forecasting energy price forecasting etc. In this review, categorization of the processes involve in forecasting are divided into four major steps namely: input features selection; data pre-processing; forecast model development and performance evaluation. The various methods involve are discussed in order to provide the overall view about possible options for development of forecasting system. It is intended that the classification of the steps into small categories with definitions of terms and discussion of evolving techniques will provide guidance for future forecasting sytem designers.