PRODUCT PRICE FORECASTING BASED ON CORRELATIVE PRICE NET AND NEURAL NETWORKS
DOI:
https://doi.org/10.23055/ijietap.2017.24.3.2381Keywords:
industrial engineering, manufacturing engineeringAbstract
The manufacturing enterprise need price forecasting in order to attain maximum profit and guild production. However, it is difficult to trace the changing rules of their historical data since product price may fluctuate abruptly. Therefore, a price forecasting method based on correlative price net and neural networks is proposed in the paper. Firstly, by analyzing the main factors to product price changes, a model of correlative price net (CPN) that connects many products whose prices affect each other is set up. Then, the theoretical proof that the whole CPN can be substituted by its correlative price sub-net for price forecasting is provided. Based on the correlative price sub net, a set of BP neural networks are introduced for building a new network, named the price forecasting net (PFN), which can reflect the factors of price fluctuation in the correlative price sub net. Finally, since the change of factors in the correlative price sub net relates to the variation of product price caused by it, the product price can be forecasted on basis of the change of factors in the correlative price sub net by means of PFN. The theoretic analysis and simulation experiment show that the proposed method adapts well to product price forecasting, especially when prices change abruptly.
Published
How to Cite
Issue
Section
License
The Author(s) must formally transfer each article's copyright before publication in the INTERNATIONAL JOURNAL OF INDUSTRIAL ENGINEERING. Such transfer enables the Journal to defend itself against plagiarism and other forms of copyright infringement. Your cooperation is appreciated.
You agree that the copyright of your article to be published in the INTERNATIONAL JOURNAL OF INDUSTRIAL ENGINEERING - THEORY, APPLICATIONS, AND PRACTICE is hereby transferred, throughout the World and for the full term and all extensions and renewals thereof, to INTERNATIONAL JOURNAL OF INDUSTRIAL ENGINEERING - THEORY, APPLICATIONS, AND PRACTICE.
The Author(s) reserve(s): (a) the trademark rights and patent rights, if any, and (b) the right to use all or part of the information contained in this article in future, non-commercial works of the Author's own, or, if the article is a "work-for-hire" and made within the scope of the Author's employment, the employer may use all or part of the information contained in this article for intra-company use, provided the usual acknowledgments are given regarding copyright notice and reference to the original publication.
The Author(s) warrant(s) that the article is Author's original work and has not been published before. If excerpts from copyrighted works are included, the Author will obtain written permission from the copyright owners and credit the article's sources.
The author also warrants that the article contains no libelous or unlawful statements and does not infringe on the rights of others. If the article was prepared jointly with other Author(s), the Author agrees to inform the co-Author(s) of the terms of the copyright transfer and to sign on their behalf; or in the case of a "work-for-hire," the employer or an authorized representative of the employer.
The journal does not provide the author copy of the final paper when it is published. The author(s) can make(s) a subscription to INTERNATIONAL JOURNAL OF INDUSTRIAL ENGINEERING - THEORY, APPLICATIONS, AND PRACTICE if they want to get the final paper that has already been published.
The journal is registered with the Library of Congress (ISSN # 1943-670X). All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the journal.
The author reserves patent and trademark rights and the right to use all or part of the information contained in the article in future non-commercial works.
