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Predicting equipment failure is important because it could improve availability and cut down the operating budget. Previous literature has attempted to model failure rate with bathtub-formed function, Weibull distribution, Bayesian network, or AHP. But these models perform well with a sufficient amount of data and could not incorporate the two salient characteristics; imbalanced category and sharing structure. Hierarchical model has the advantage of partial pooling. The proposed model is based on Bayesian hierarchical B-spline. Time series of the failure rate of 99 Republic of Korea Naval ships are modeled hierarchically, where each layer corresponds to ship engine, engine type, and engine archetype. As a result of the analysis, the suggested model predicted the failure rate of an entire lifetime accurately in multiple situational conditions, such as prior knowledge of the engine.
We consider forecasting the latent rate profiles of a time series of inhomogeneous Poisson processes. The work is motivated by operations management of queueing systems, in particular, telephone call centers, where accurate forecasting of call arriva
In this study we show that standard well-known file compression programs (zlib, bzip2, etc.) are able to forecast real-world time series data well. The strength of our approach is its ability to use a set of data compression algorithms and automatica
We propose a Bayesian nonparametric approach to modelling and predicting a class of functional time series with application to energy markets, based on fully observed, noise-free functional data. Traders in such contexts conceive profitable strategie
We address the problem of forecasting high-dimensional functional time series through a two-fold dimension reduction procedure. The difficulty of forecasting high-dimensional functional time series lies in the curse of dimensionality. In this paper,
Inflow forecasts play an essential role in the management of hydropower reservoirs. Forecasts help operators schedule power generation in advance to maximise economic value, mitigate downstream flood risk, and meet environmental requirements. The hor