Forecast model calibration
First Claim
1. A computer-implemented method of performing calibration of a forecast model for resource allocation, the method comprising:
- receiving inputs to the forecast model derived from historical data for a period of time;
executing, using a processor, the forecast model to obtain one or more forecast levels for each interval within the period of time, wherein the forecast level corresponds with a quantified forecast of a forecast parameter that is forecast by the forecast model for the interval;
obtaining, using the processor, an actual level for each interval within the period of time according to the historical data;
comparing, using the processor, the one or more forecast levels with the actual level for the period of time according to a metric;
adjusting, using the processor, a mapping within the forecast model between values of the quantified forecast and the forecast levels based on the comparing to obtain a calibrated forecast model; and
deploying resources, using the processor, based on calibrated forecast levels output by the calibrated forecast model, wherein the deploying resources includes deploying equipment and personnel, scheduling maintenance, ordering retail inventory, allocating compute resources, or prioritizing activities.
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Abstract
A system and method perform calibration of a forecast model for resource allocation. The method includes receiving inputs to the forecast model derived from historical data for a period of time, and executing the forecast model to obtain one or more forecast levels for each interval within the period of time, the forecast level corresponding with a quantified forecast of a forecast parameter that is forecast by the forecast model for the interval. Obtaining an actual level for each interval within the period of time according to the historical data is followed by comparing the one or more forecast levels with the actual level for the period of time according to a metric to adjust a mapping within the forecast model between values of the quantified forecast and the forecast levels based on the comparing to obtain a calibrated forecast model. The calibrated forecast model is used for resource allocation.
17 Citations
20 Claims
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1. A computer-implemented method of performing calibration of a forecast model for resource allocation, the method comprising:
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receiving inputs to the forecast model derived from historical data for a period of time; executing, using a processor, the forecast model to obtain one or more forecast levels for each interval within the period of time, wherein the forecast level corresponds with a quantified forecast of a forecast parameter that is forecast by the forecast model for the interval; obtaining, using the processor, an actual level for each interval within the period of time according to the historical data; comparing, using the processor, the one or more forecast levels with the actual level for the period of time according to a metric; adjusting, using the processor, a mapping within the forecast model between values of the quantified forecast and the forecast levels based on the comparing to obtain a calibrated forecast model; and deploying resources, using the processor, based on calibrated forecast levels output by the calibrated forecast model, wherein the deploying resources includes deploying equipment and personnel, scheduling maintenance, ordering retail inventory, allocating compute resources, or prioritizing activities. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A system to calibrate a forecast model for resource allocation, the system comprising:
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a memory device configured to store historical data; and a processor configured to receive inputs to the forecast model derived from the historical data for a period of time, execute the forecast model to obtain a forecast level for each interval with in the period of time, obtain an actual level for each interval within the period of time according to the historical data, compare the one or more forecast levels with the actual level according to a metric, and adjust a mapping within the forecast model between the quantified forecast and the forecast levels to improve a result of the comparing and obtain a calibrated forecast model, wherein the calibrated forecast model is used to deploy equipment and personnel, schedule maintenance, order retail inventory, allocate compute resource, or prioritize activities. - View Dependent Claims (10, 11, 12, 13)
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14. A computer program product for calibrating a forecast model to perform resource allocation, the computer program product comprising a computer readable storage medium having program instructions embodied therewith, the program instructions executable by a processor to perform a method comprising:
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receiving inputs to the forecast model derived from historical data for a period of time; executing the forecast model to obtain one or more forecast levels for each interval within the period of time, wherein the forecast level corresponds with a quantified forecast of a forecast parameter that is forecast by the forecast model for the interval; obtaining an actual level for each interval within the period of time according to the historical data; comparing the one or more forecast levels with the actual level for the period of time according to a metric; adjusting a mapping within the forecast model between values of the quantified forecast and the forecast levels based on the comparing to obtain a calibrated forecast model; and deploying resources based on calibrated forecast levels output by the calibrated forecast model, wherein the deploying resources includes deploying equipment and personnel, scheduling maintenance, ordering retail inventory, allocating compute resources, or prioritizing activities. - View Dependent Claims (15, 16, 17, 18, 19, 20)
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Specification